Physical Gold Deposit into Bank

[Dazinoz]

This maybe a far fetched idea for any world bank let alone Thailand but I will ask the question.

 

I am on a retirement extension and as one of the requirements is 800,000 Baht in the bank 3 months before renewal. As part of my portfolio I have some silver in Australia and some gold here in Thailand. I have 50 baht gold worth about 1 million baht at todays value.

 

So here is my question (probably stupid) but does anyone know of a bank where i can deposit physical gold and withdraw the physical gold if required. I could use this as my account for visa extension?

 

[worgeordie]

Yes far fetched, it needs to be cash THB 800,000 in the bank,

regards worgeordie

[Asiantravel]

my situation is similar to yours  but I have never even assumed immigration would accept a gold deposit in lieu of cash in a savings account.

 

[perthperson]

You may find a bank who will rent you a safe deposit box to store the gold. 

 

Forget about using a "gold deposit" in lieu of 800,000 Bht cash deposit! 

Edited June 30, 2017 by perthperson

[Asiantravel]

4 minutes ago, perthperson said:

You may find a bank who will rent you a deposit box to store the gold. 

 

Forget about using a "gold deposit" in lieu of 800,000 Bht cash deposit! 

 yes you are right he can find that without any problems

SCB at Thappae Gate branch have them available

[Dazinoz]

1 hour ago, perthperson said:

You may find a bank who will rent you a safe deposit box to store the gold. 

 

Forget about using a "gold deposit" in lieu of 800,000 Bht cash deposit! 

I am not after a safety deposit box. I just though for some small miracle a bank may accept gold and used much like a Foreign Currency Account where I could deposit Australian dollars or any other currency and as long as equivalent to the 800,000 would be accepted by immigration (or so I was told by my visa agent).

 

Cash is liquid asset and Thai gold is almost as liquid. The ladies of the night, or any other time for that matter, trade in it all the time.

[perthperson]

7 minutes ago, Dazinoz said:

I am not after a safety deposit box. I just though for some small miracle a bank may accept gold and used much like a Foreign Currency Account where I could deposit Australian dollars or any other currency and as long as equivalent to the 800,000 would be accepted by immigration (or so I was told by my visa agent).

 

Cash is liquid asset and Thai gold is almost as liquid. The ladies of the night, or any other time for that matter, trade in it all the time.

Can you use gold in the manner you are suggesting  in Australia --- Do Australian banks accept deposits of gold into bank accounts? 

 

I doubt you will find what you seek in Thailand or in the West, however, I do wish you well and hope you will tell us when you find this unique bank.

[Dazinoz]

6 hours ago, perthperson said:

Can you use gold in the manner you are suggesting  in Australia --- Do Australian banks accept deposits of gold into bank accounts? 

 

I doubt you will find what you seek in Thailand or in the West, however, I do wish you well and hope you will tell us when you find this unique bank.

I would not have a clue. If you read the first line in my original post you could see that. I am just asking. If you don't ask you never know.

 

Although not a bank the company I have my silver with is basically what I am after. They sell, buy and store bullion. Each month I receive a statement from them which details how much silver I have and the value of that silver at the time of production of the statement. At any time I can email them and buy more or sell any or all of my holdings.

 

Yes I am sure it would be a unique bank if I did find one, but like I said, if you don't ask you never find out.

[perthperson]

There are many companies of the type you instance which make a profit each time you buy/sell ! 

 

Having an account with one of these companies is fine if you are comfortable with costs/risks. 

[Dazinoz]

4 minutes ago, perthperson said:

There are many companies of the type you instance which make a profit each time you buy/sell ! 

 

 

And the banks don't make a profit?

 

[Monomial]

16 hours ago, Dazinoz said:

I am not after a safety deposit box. I just though for some small miracle a bank may accept gold and used much like a Foreign Currency Account where I could deposit Australian dollars or any other currency and as long as equivalent to the 800,000 would be accepted by immigration (or so I was told by my visa agent).

 

 

The way you do this is how everyone else does who is in your situation. The Thais do the same thing.

 

You go to nearly any gold shop. They charge you an interest rate of between 1.25 - 1.5% per month. You place your gold as collateral. They give you cash, usually 80% of the price of the gold as long as they are fungible bars from a recognized gold shop, such a Hua Seng Heng. So you need to put up 1 million to get your 800k.

 

You then place this money in a bank account for your visa. You need to go back monthly and pay interest to the gold shop or they sell your gold, and if the price of gold drops you need to make up the difference or they sell your gold. After you get your extension of stay, you withdraw the money out of the bank, return it to the gold shop, and get your gold back.

 

Since they charge you 1 month of interest for even 1 day of a month, you generally wind up paying 4 months for the entire visa process, or about 6%. So to do this with 800k would cost you 48,000 baht.

 

If you thought someone would do this for free, you are mistaken.  There is a cost to do it this way.

 

[Dazinoz]

21 minutes ago, Monomial said:

 

The way you do this is how everyone else does who is in your situation. The Thais do the same thing.

 

You go to nearly any gold shop. They charge you an interest rate of between 1.25 - 1.5% per month. You place your gold as collateral. They give you cash, usually 80% of the price of the gold as long as they are fungible bars from a recognized gold shop, such a Hua Seng Heng. So you need to put up 1 million to get your 800k.

 

You then place this money in a bank account for your visa. You need to go back monthly and pay interest to the gold shop or they sell your gold, and if the price of gold drops you need to make up the difference or they sell your gold. After you get your extension of stay, you withdraw the money out of the bank, return it to the gold shop, and get your gold back.

 

Since they charge you 1 month of interest for even 1 day of a month, you generally wind up paying 4 months for the entire visa process, or about 6%. So to do this with 800k would cost you 48,000 baht.

 

If you thought someone would do this for free, you are mistaken.  There is a cost to do it this way.

 

Thank you for that. I did not know they do that. That is not for me. I would trust a bank but not gold shop.

 

Where did I say I expected for free? Nothing is free in this life.

 

[midas]

3 hours ago, Monomial said:

 

The way you do this is how everyone else does who is in your situation. The Thais do the same thing.

 

You go to nearly any gold shop. They charge you an interest rate of between 1.25 - 1.5% per month. You place your gold as collateral. They give you cash, usually 80% of the price of the gold as long as they are fungible bars from a recognized gold shop, such a Hua Seng Heng. So you need to put up 1 million to get your 800k.

 

You then place this money in a bank account for your visa. You need to go back monthly and pay interest to the gold shop or they sell your gold, and if the price of gold drops you need to make up the difference or they sell your gold. After you get your extension of stay, you withdraw the money out of the bank, return it to the gold shop, and get your gold back.

 

Since they charge you 1 month of interest for even 1 day of a month, you generally wind up paying 4 months for the entire visa process, or about 6%. So to do this with 800k would cost you 48,000 baht.

 

If you thought someone would do this for free, you are mistaken.  There is a cost to do it this way.

 

48,000 baht!! I'm sure you could get an awful lot of " assistance " from within for much less than that

[speedtripler]

On 30/06/2017 at 11:30 PM, Dazinoz said:

I am not after a safety deposit box. I just though for some small miracle a bank may accept gold and used much like a Foreign Currency Account where I could deposit Australian dollars or any other currency and as long as equivalent to the 800,000 would be accepted by immigration (or so I was told by my visa agent).

 

Cash is liquid asset and Thai gold is almost as liquid. The ladies of the night, or any other time for that matter, trade in it all the time.

Ladies of the night accept gold... So you think Thai immigration will also? Not sure if serious lol