Fixed account for 800000 bahts

[Aforek]

Hi, I have not seen a special forum for banking, so I write here

following the new , expensive and unuseful rules to have a revenue certificate by Frog embassy, I decide to open a fixed account to have 800000 bahts on it , to show them every year to the immigration

I am now at SCB, but I see they have only three years deposit, and I don't know at which rate

and you, who have the same sort of account, what is your bank, which interest and how long is the account opened ( for ever would be the best, of course ) ?

thanks

[johna]

My understanding is that the account must be a checking account, so that you have access to the money at all times.

[CharlieH]

MOVED TO BANKING

[lopburi3]

Checking accounts are almost unknown here for non commercial customers - all that most foreigners have are savings passbook or statement accounts. These are always acceptable.

Fixed deposit would have a fixed rate of interest for a fixed period and allow withdrawal at any time with only loss of interest. These are normally also accepted.

Mutual or other fund types of accounts are not acceptable.

Believe that SCB was likely not a cash fixed deposit account and probably would not be accepted. All banks offer fixed deposit accounts in various periods but currently the interest is not very high so might be better to just start with a normal passbook savings account and use for daily expenses but keep balance above the required amount at all times until extension made.

[BobTH]

Here is a link to the Bank of Thailand giving the daily rates offered by various banks. Perhaps this will help.

https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

[Henryford]

Many people (including me) use Krungsri's Mai Tae Dai account. You can add or withdraw money at any time (free twice per month) with no fixed period, you get a good rate of interest, i think 1.7% now and it qualifies for the retirement visa.

[orientalist]

You might try Thanachart's Ultra Savings account, which has variable rates of interest depending on the amount deposited. The interest rate for 1 million baht is usually similar to the best promotion rates available - currently 1.75%. You can withdraw money twice a month. Interest is paid monthly and no withholding tax is applied.

http://tchartb.com/en/savingsmoneymarketsandCDs.html

[Briggsy]

Currently SCB are offering

1.8% for a 3-year account

1.5% for an 8-month account

1.6% for a 13-month account

0.5% for a regular savings account.

Take your pick.

I am afraid I don't know if withdrawals are allowed for the fixed term deposits. You will need to ask in the bank.

Neither do I know if they will be accepted by immigration.

Hope this is of some use.

[Daffy D]

I have a fixed deposit account with Siam Commercial Bank.

As "Briggsy" pointed out they have various interest rates for various time periods. I usually go for 8 or 12 months just incase the rates go up and I'm not locked in for too long.

My Immigration office accepts fixed accounts although reading some posts on here not all offices do so better check with your office.

One thing with these accounts is that at the end of the fixed period you can't just carry on with a new rate you have to close that account and open a new account and transfer the money over. With all the hassle this involves with copies of passport and all that stuff - again

If you do this one thing to be careful with is not to change to a new account during the 3 month seasoning period as the immigration my not accept that the monies have been in the account for the required time.

[KittenKong]

You can quite easily get around 1.8-2.1% for a fixed deposit of between 6 months and 12 months, so if yours cant do that just try another bank.

Rates announced by the BOT never seem to include the special offers, which are more or less permanent though variable.

Dont forget to reclaim the tax.

[falang07]

current best offer is CIMB - 2,1% for 12 months

[rak sa_ngop]

Many people (including me) use Krungsri's Mai Tae Dai account. You can add or withdraw money at any time (free twice per month) with no fixed period, you get a good rate of interest, i think 1.7% now and it qualifies for the retirement visa.

Thai Military Bank TMB have a similar account called "No Fixed Account". You get a pass book and about 2 free withdrawals month. Interest used to be 2,.00 % p.a maybe less now.. But you have to make withdrawals at a TMB bank in person with (in theory) your passport. As you do not get a ATM card it is actually a relatively safe way to bank such a large amount.

[Aforek]

Thanks everybody for your useful informations, I"ll take a decision soon

[topt]

Thanks everybody for your useful informations, I"ll take a decision soon

Surprised no one else has mentioned it but at the top of this forum is a pinned topic which you may want to look at -

http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/page-82

[technologybytes]

Remember... rules change and what is acceptable in the morning may be unacceptable in the afternoon!

Don't lock your money into any scheme that prevents you from making withdrawals, you never know when something will go wrong any you might be in a queue with others trying to get their money back.

[maoro2013]

Kap Cheong insisted on a fixed account for the funds required for my marriage visa.

[BaldPlumber]

The customer service rep at Kasikorn explained to me that in order to qualify for immigration, the money must be in a taxable account.

[bangkapi]

I used the method of 800,000 baht in a fixed account at BKK Bank for several years to renew my retirement visa until I took it all out and used 500,000 of it to get an Elite visa.

I did this mainly because of the intrusive US FBAR reporting law.

[novo58]

Pay particular attention to the last line of the post by daffyD #9.

Ensure that your fixed term does not expire within 3 months prior to any re-newal of permission to stay..............as immigration will not accept this.

Most banks will close your account and open a new account ......IT IS NOT a case of rolling over the money for a new fixed time period at a new interest rate in the same account.

Most banks have offers and promotion interest rates on fixed term deposits ( which are acceptable at Udon Thani immigration). Just visit many banks and ask for their rates...............

make sure you specify FIXED TERM ...................and dont fall for the new type account some banks are pushing which is really a type of insurance policy !!!!

I usually go for best rate for between 6 - 8mths which can then be re-newed and I dont have to worry about the seasoning time requirement for immigration.

The account must also be IN YOUR NAME ONLY ..........no joint accounts ( although with Bangkok bank I have found I can add my Thai GF as a signatory to the account without her name actually being on the account -----it is like a power of attorney just on that one account).

This fixed account is also my get out of jail account , my plan B option should things go bottoms up at any time.

[Pink7]

You can quite easily get around 1.8-2.1% for a fixed deposit of between 6 months and 12 months, so if yours cant do that just try another bank.

Rates announced by the BOT never seem to include the special offers, which are more or less permanent though variable.

Dont forget to reclaim the tax.

How and where to reclaim the tax?

Pink

[fxe1200]

Currently SCB are offering

1.8% for a 3-year account

1.5% for an 8-month account

1.6% for a 13-month account

0.5% for a regular savings account.

Take your pick.

I am afraid I don't know if withdrawals are allowed for the fixed term deposits. You will need to ask in the bank.

Neither do I know if they will be accepted by immigration.

Hope this is of some use.

You can withdraw money even from a fixed account, but you will lose some of the interest.

[swissbie]

I have a fixed deposit account with Siam Commercial Bank.

As "Briggsy" pointed out they have various interest rates for various time periods. I usually go for 8 or 12 months just incase the rates go up and I'm not locked in for too long.

My Immigration office accepts fixed accounts although reading some posts on here not all offices do so better check with your office.

One thing with these accounts is that at the end of the fixed period you can't just carry on with a new rate you have to close that account and open a new account and transfer the money over. With all the hassle this involves with copies of passport and all that stuff - again

If you do this one thing to be careful with is not to change to a new account during the 3 month seasoning period as the immigration my not accept that the monies have been in the account for the required time.

A had various fixed deposit accounts at different banks over the last 30 years, had always been renewed at the present interest rate without any problems. Still have two (KB and BBL), the only thing i have to pay attention is, that sometimes (new employees) i have to insist on an accurate statement of account when ordering the letter of guarantee for the visa extension.

[KittenKong]

Dont forget to reclaim the tax.

How and where to reclaim the tax?

See the various how-to threads in this forum. Do it at your local tax office.

[bazza40]

My understanding is that the account must be a checking account, so that you have access to the money at all times.

Not true. My savings passbook on term deposit was acceptable when I got my extension of stay. However, as other posters have noted, you need to get the timing right, so the new passbook when the funds are rolled over is in existence for 3 months.

[louse1953]

I have a fixed deposit account with Siam Commercial Bank.

As "Briggsy" pointed out they have various interest rates for various time periods. I usually go for 8 or 12 months just incase the rates go up and I'm not locked in for too long.

My Immigration office accepts fixed accounts although reading some posts on here not all offices do so better check with your office.

One thing with these accounts is that at the end of the fixed period you can't just carry on with a new rate you have to close that account and open a new account and transfer the money over. With all the hassle this involves with copies of passport and all that stuff - again

If you do this one thing to be careful with is not to change to a new account during the 3 month seasoning period as the immigration my not accept that the monies have been in the account for the required time.

[louse1953]

Pay particular attention to the last line of the post by daffyD #9.

Ensure that your fixed term does not expire within 3 months prior to any re-newal of permission to stay..............as immigration will not accept this.

Most banks will close your account and open a new account ......IT IS NOT a case of rolling over the money for a new fixed time period at a new interest rate in the same account.

Most banks have offers and promotion interest rates on fixed term deposits ( which are acceptable at Udon Thani immigration). Just visit many banks and ask for their rates...............

make sure you specify FIXED TERM ...................and dont fall for the new type account some banks are pushing which is really a type of insurance policy !!!!

I usually go for best rate for between 6 - 8mths which can then be re-newed and I dont have to worry about the seasoning time requirement for immigration.

The account must also be IN YOUR NAME ONLY ..........no joint accounts ( although with Bangkok bank I have found I can add my Thai GF as a signatory to the account without her name actually being on the account -----it is like a power of attorney just on that one account).

This fixed account is also my get out of jail account , my plan B option should things go bottoms up at any time.

Well you are wrong,as i explained in an above post.This was at so called hard arsed Kap Choern.Do your homework is my motto,it's amazing what Immi will do for you.RememberImmmigration give you extention visa advice and banks deal with your money.

[KittenKong]

My understanding is that the account must be a checking account, so that you have access to the money at all times.

Not true. My savings passbook on term deposit was acceptable when I got my extension of stay.

Actually both comments are true.

The point is that in Thailand most (all?) fixed term deposits can be accessed before the maturity date, albeit with a loss of interest. So they will qualify as being "available" money.

The things to watch out for are the products that arent really fixed term cash deposits at all, like money-market funds and insurance bonds. These do NOT qualify, for various reasons.

[KittenKong]

Well you are wrong,as i explained in an above post.This was at so called hard arsed Kap Choern.Do your homework is my motto,it's amazing what Immi will do for you.RememberImmmigration give you extention visa advice and banks deal with your money.

Some Immigration offices (usually the ones out in the sticks) can be very fussy about the account your money is in. Offices in places where there are many farangs are more clued up, and I've never heard of anyone having trouble in, say, Jomtien. I use a term deposit every year for my extension.

[tirekicker]

Many people (including me) use Krungsri's Mai Tae Dai account. You can add or withdraw money at any time (free twice per month) with no fixed period, you get a good rate of interest, i think 1.7% now and it qualifies for the retirement visa.

Thai Military Bank TMB have a similar account called "No Fixed Account". You get a pass book and about 2 free withdrawals month. Interest used to be 2,.00 % p.a maybe less now.. But you have to make withdrawals at a TMB bank in person with (in theory) your passport. As you do not get a ATM card it is actually a relatively safe way to bank such a large amount.

I have the same account with TMB and still getting 2%

[DrDave]

<snip>

Ensure that your fixed term does not expire within 3 months prior to any re-newal of permission to stay..............as immigration will not accept this.

Most banks will close your account and open a new account ......IT IS NOT a case of rolling over the money for a new fixed time period at a new interest rate in the same account.

<snip>

Actually, Bangkok Bank (BBL) DOES automatically rollover to a new fixed rate at the end of the term.

I had a 7-month fixed account at BBL that automatically rolled over to a 3 month fixed rate when the end of the 7-month term was reached at the end of last year. There was no change to the account number, and the original passbook is still used. They just printed a new line in the original passbook with the new term dates (start/end) and interest rate.

BBL's website also indicates that this is the case - in the even that the customer doesn't close the account, it will automatically be rolled over to a 3-month term at the current 3-month interest rate.