good bank for depositing money for immigration

[Preacher]

What would be a good bank to deposit money with for immigration purposes. I live in the provinces and I am looking for a bank that gives the bank letter the same day.

 

The major Thai banks will have a branch in town.

 

I already have a regular KTB-account, so opening an account somewhere should not be a problem. But not sure if KTB is the best bank and as I am moving, I need to change bank (branches) anyway.

 

 

[lopburi3]

Do not believe there is any such bank - each branch seems to set its own agenda so in one place one bank would be great but in another the same bank might not be.  Might want to make that your deciding question when asking about opening account.

[Pib]

I've go the 800K in the bank route for my annual retirement extension of stays and I've used both Bangkok Bank and Krungsri Bank which provide the letter say day....takes about 15 minutes to get it.

 

 However, but, I will say I use branches of these banks in the same building at Bangkok/Chaeng Wattana Immigration so these branches are use to having many requests for the letters and can quickly provide them.  Can't speak for their other branches.

[tonray]

28 minutes ago, Pib said:

I've go the 800K in the bank route for my annual retirement extension of stays and I've used both Bangkok Bank and Krungsri Bank which provide the letter say day....takes about 15 minutes to get it.

 

 However, but, I will say I use branches of these banks in the same building at Bangkok/Chaeng Wattana Immigration so these branches are use to having many requests for the letters and can quickly provide them.  Can't speak for their other branches.

I think all of the banks (major ones) have branches downstairs ...this would be the preferred option for anyone using BKK Immigration for their extensions.

[elviajero]

You might not have the choice of all banks as not all branches will open an account to a foreigner that's not working. 

 

Even if you kept your KTB account at the original branch a local branch would probably still do a letter for you. As long as the branch is familiar with the Immigration letter requirement there's no reason why they won't do it the same day but it would be best to ask ahead of time.

[pattayalover]

Bangkok bank no problem.
go with a Thai to open an account

[KhonKaenKowboy]

Krungsri pays interest monthly, with no taxes withheld. Their rate is always higher than BKKBank.  They charge 200 for the letter.  I did earn 17000 in interest on a 13 month 500K FD earlier this year with CIMB, and used that, with a savings account to make 800K.  Rates are down a lot, now.  And also CIMB only pay 1% if you don't put 1 million in....

[allane]

Everything else being equal, the best bank/branch is the one that is closest to your Immigration office. This comment applies particularly to those living upcountry, where distances and travel times are greater.

There have been reports on here of Immigration rejecting bank letters because the applicant's name was spelled wrong or the figures in the letter were not precisely the same as those in the bankbook. You need to be able to go back and forth quickly between the two if someone starts to give you the royal runaround.

- carefully scrutinize your letter before you leave the bank

-have the bank copy the necessary bankbook pages, and have an employee put her initials and the small bank seal (same as used in the bankbook) on every page.

-take a business card from whoever prepares your letter, and hand it to Immigration if necessary; it might save you a trip back to the bank.

-don't leave it until the last day.

[lopburi3]

I have never heard of any requirement or request for bank signature on copies - you sign copies of documents pertaining to you for immigration.  You present the original bank book and the signed copies to immigration.  There is no need to have bank make or sign anything but the account balance letter to immigration AFAIK (but admit have not used that method recently).  

[allane]

Prevention is better than cure.

[lopburi3]

So not true - keep in your packet if you want to have additional paperwork but present only what is required - don't make it harder for the next person.  Please.  

[Kabula]

I stopped using Siam Bank, because they demanded on my first visit to come back the next day to pick up the letter!  No one was waiting at the time for the bank representative.  I even spoke with her Supervisor and I got a big, "no", come back."

 

This month, Immigration on two ocassions, demanded the bank letter and the savings book be updated the day the application is presented.  Which is another problem if you want to arrive at Immigration early, like 7 a.m., to get a place in line.

 

That is not possible with Siam Bank, Soi 11, Nana; if they still hold firm on their policy that never made much sense to me.

 

If they have a boiler plate letter, it would take two minutes to fill in the date, persons name, principal balance, date of deposit and back account number.

 

I found Kaskikorn Bank by the Nana BTS to be the most helpful.

Edited October 10, 2016 by Kabula
correction

[KhonKaenKowboy]

Keep in mind that every page of your bank books are stamped and initialed in every page, before it is issued to you.  I think that causes some confusion,  So the letter is the only thing that needs to be rubber stamped, when you pay for it.

[akentryan]

Go where you get the best rate and preferably a long period. Last time I looked  UOB had the best fixed deposit at 1.93% for 1 year. Krung Thai in 2014 offered a 4% deposit for 5 years which is where mine is until 2019. Krung Thai also psys interest monthly. You still have to hold it until maturity or they will deduct all interest paid from the principal. Banks will run promotions periodically but frequently they will offer the rate only to new customers. Kruen Thai works for me as they gave me a credit card also.

[KhonKaenKowboy]

nope....http://www.uob.co.th/th/announcement/deposite-rates/2016/01Oct2016_en.pdf

[Baerboxer]

3 hours ago, KhonKaenKowboy said:

Krungsri pays interest monthly, with no taxes withheld. Their rate is always higher than BKKBank.  They charge 200 for the letter.  I did earn 17000 in interest on a 13 month 500K FD earlier this year with CIMB, and used that, with a savings account to make 800K.  Rates are down a lot, now.  And also CIMB only pay 1% if you don't put 1 million in....

 

I have several accounts with Krungsri and all deduct tax. They only start withholding tax when you reach a certain amount of interest in the tax year. Then it is applied. 

I get the letter free but normally have to request the day before. They will also prepare a statement of interest and tax deducted which you should submit with your tax return as you may be entitled to a refund.

[KhonKaenKowboy]

Aren't we talking about the 800K?  No tax will be held as the threshold is 20,000.....at current rates, you would need about double that amount before they withhold.  All the FDs I've seen will withhold 15% no matter the amount...and it is fairly easy to get it back, but not as easy as not filing at all.  The best one is Mee Tae Dai Savings....currently paying 1.3%...so basically if you keep about a million here, you can beat BKKBank and SCBs FD rates, have more flexibility on withdrawals and not have to file.  Way too simple for the Hardway Club membership.  Everyone has their limits on what they pay or will be paid, otherwise you would see a lot more expats still flying Thai. 

Edited October 10, 2016 by KhonKaenKowboy

[CMBob]

12 hours ago, elviajero said:

Even if you kept your KTB account at the original branch a local branch would probably still do a letter for you. As long as the branch is familiar with the Immigration letter requirement there's no reason why they won't do it the same day but it would be best to ask ahead of time.

 

Any bank would probably be acceptable for you.  However, at least with my bank (Siam Commercial Bank), only the branch where I opened the account will issue the bank letter and not any other branch of the same bank (which seems odd given I can deposit and withdraw at any branch....but that's the way it is).  So, unless whatever bank you pick tells you clearly that any of their branches will issue the immigration letter, then best to open an account at a bank that's most convenient for you or near where you live.

[KhonKaenKowboy]

I've encountered the same thing.  Even changing my phone number required a trip to the branch I opened the account at 10 years ago (BKKBank).  Same for the letter for condo purchase, and the tax withholding sheet.  There are even fees for depositing money out of province, less at the CDM, but still....

[fulhamboy]

I opened a account with Krungsri and now have online banking with them,

and a credit card, they were very helpful, handy for transferring money to

my GF account, and checking on incoming money to the a/c.    

[KhonKaenKowboy]

The "Yellow" at Airport Plaza is well above average, with solid management, that I would describe as farang friendly.  Too bad retirement extensions are no longer done down the street...and yes, their online system is excellent, and I like the way they pay interest on the second to last business day of the month.  The queuing system is efficient, the guard is polite, and there are some good lookers working there.

[gandalf12]

I have always had the letter within minutes at Bangkok Bank

[elgordo38]

14 hours ago, Pib said:

I've go the 800K in the bank route for my annual retirement extension of stays and I've used both Bangkok Bank and Krungsri Bank which provide the letter say day....takes about 15 minutes to get it.

 

 However, but, I will say I use branches of these banks in the same building at Bangkok/Chaeng Wattana Immigration so these branches are use to having many requests for the letters and can quickly provide them.  Can't speak for their other branches.

I have used both Bangkok Bank gets my vote. Its a little like deciding between Hillary Clinton or Donald Trump. 

[elgordo38]

3 hours ago, Kabula said:

I stopped using Siam Bank, because they demanded on my first visit to come back the next day to pick up the letter!  No one was waiting at the time for the bank representative.  I even spoke with her Supervisor and I got a big, "no", come back."

 

This month, Immigration on two ocassions, demanded the bank letter and the savings book be updated the day the application is presented.  Which is another problem if you want to arrive at Immigration early, like 7 a.m., to get a place in line.

 

That is not possible with Siam Bank, Soi 11, Nana; if they still hold firm on their policy that never made much sense to me.

 

If they have a boiler plate letter, it would take two minutes to fill in the date, persons name, principal balance, date of deposit and back account number.

 

I found Kaskikorn Bank by the Nana BTS to be the most helpful.

I was inline at 3.30 a.m. and received queue number 3 great system.

[ChrisKC]

Thai Military Bank?

[KhonKaenKowboy]

33 minutes ago, ChrisKC said:

Thai Military Bank?

I know the branches can vary, but are you serious?  They seem to have a difficult time with the concept that you really can't have a work permit with an O-A Visa that says "Employment Prohibited" on it.  Ask them about being taken over by ING in 2008..., if you want to see a Thai in a suit actually sweat.

[khunPer]

I've used both Bangkok Bank and SCB (Siam Commercial Bank) and always got letters same day within 10-15 minutes; Bangkok Bank charge 100 baht for all accounts combines, SCB charge 200 baht for each account.

 

This year I'm in Krungsri Bank that gave the best interest, and the bank has also often been recommended for "Visa extension deposit" by other Forum-members. The reason for moving bank for the fixed deposit is purely "best interest rate", as it's often worth the half day's "work" it may take to check rates and move account, which can just be another offer from same bank – on 800k it's 800 baht (before withholding tax) for 0.1 percent interest, so when having 0.2 to 0.5 percent higher interest I can afford to invite my lovely girlfriend out on nice candlelight dinner-date...

[KhonKaenKowboy]

Krungsri is paying 1.3% and I doubt you would be getting close to that at the others.  CIMB was paying 1.6 last month with a million and free airport lounge passes and preferred parking at branches.

[Preacher]

Seems I will be looking at Krungsri and Siam Commercial.

 

Thanks for the replies so far.

 

 

[KKr]

in case you are resident outside of the big cities, you might try a local credit cooperative that sometimes offer great rates to people living in their area.