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BANGKOK 22 March 2019 02:47
samsensam

what type of bank account?

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i accept i have to put 800,00 baht in a bank account, i have the money and it can sit there all year. while i would like some interest it's not an issue.

 

is any bank account; current, savings, long term deposit... more convenient in terms of dealing with immigration? i'll be using chaengwattana.

 

thanks

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I'm going to do exact same thing as you. Looking at a fixed term account. I asked my bank (light blue one, lousy bank) They mentioned 1.35%. Apparently you need make sure that the funds readily available and no deductions are taken by bank for withdrawal. 

Interested in the replies to your OP. For me personally I don't want to making sure the new requirements are met without making a careless calendar error

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I am using "Fixed Deposit" account(s) for immigration purposes in Khon Kaen since years.

Interest are so low now that it does not make a big difference from a normal savings account.

 

I can't remember that there are immigration offices that would not accept a fixed deposit account. This type of account allows full availability of the deposit at any time (just loosing interest) and that is what immigration requires.

 

Which is your office?

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He  said Chaenwattana.

 

I too am looking at doing this and have shopped around a bit. Best rate seems to be Krung Sri 48 month FD, 2.15% interest and the deposit can if necessary be used as collateral for a bank loan, useful for those worried about  losing their extension if suddenly faced with an unexpected emergency expense.

 

There have been past reports of a few IOs not accepting FD under the prior rules, I don't remember which ones. I'm trying to get clear guidance from my IO (Prachinburi) before taking the plunge and putting 800K into Krung Sri FD.  So far got only a "don't know", will be there again in a few days and this time try to ask one of the more experienced staff.

 

The rules do not in any way preclude a FD, just a question of IO interpretation.

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5 minutes ago, KhunBENQ said:

Interest are so low now that it does not make a big difference from a normal savings account.

Almost double, if I'm not mistaken.

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Just now, Vacuum said:

Almost double, if I'm not mistaken.

I have let the one year expiry run out and get a whopping 1.00% at Bangkok Bank for 3 months interval.

SCB, 6 months, 1.15%.

 

15% tax on interest (can be reimbursed if it's worth the effort).

 

Maybe it's double but still miserable

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4 minutes ago, Sheryl said:

Krung Sri

I have also looked at a fixed account for the same purpose with Krung Sri but it seems for me they are based on a monthly deposit and not a lump sum placed in an account and sitting there, and that's it ? Do you have a link to the 48month FD?

Felt.

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Just now, KhunBENQ said:

I have let the one year expiry run out and get a whopping 1.00% at Bangkok Bank for 3 months interval.

1.5 for 12 month, whoop-de-doo!

  • Haha 1

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1 minute ago, jacko45k said:

1.5 for 12 month, whoop-de-doo! 

Have you made plans how to spend the riches? :biggrin:

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2 minutes ago, KhunBENQ said:

Have you made plans how to spend the riches? :biggrin:

The Thai tax system have! 

For me, one night out a year, all I can afford!

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3 minutes ago, KhunBENQ said:

Have you made plans how to spend the riches? :biggrin:

Are you scoffing at a "free" bowl of noodles almost every day?  😊

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58 minutes ago, Felt 35 said:

I have also looked at a fixed account for the same purpose with Krung Sri but it seems for me they are based on a monthly deposit and not a lump sum placed in an account and sitting there, and that's it ? Do you have a link to the 48month FD?

Felt.

All of the Tiem Deposits  are all lump sum deposits,  but the durations vary from as little as 3 months to several years.

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/TimeDeposits/GeneralTimeDeposit.html

 

Although not made explicit here I assume that the prinicipal can be removed before maturity date, forfeiting the interest, because that is how time deposits normally work. . If it can't then this may nto meet TI requirements. Needs to be confirmed.

 

Link to the interest rates (download the first pdf file)  https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

 

Actually looking again I see that the first link does nto mention more than 36 months whereas the interest rate lists a 48 month option.

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A non-fixed-deposit option available at Krungsri Bank is the Mee Tae Dai savings account which is currently paying 1.3% interest.  As a non-fixed-deposit account, it doesn't trigger 15% automatic interest withholding all fixed-deposit accounts do.  As long as your annual interest earned at Krungsri Bank remains under 20,000 there is no interest withholding, therefore no reason to file a Thai Personal Income Tax return just to get back that withheld interest.  Also, as a savings account no need to worry about fixed-term accounts maturing.  It can be as simple as setting up and leaving alone if that is your preference.

 

Mee Tai Dai savings account at Krungsri Bank:

 

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

 

The interest rate is given on the bottom of the second page (Item 5):

 

https://www.krungsri.com/bank/getmedia/18e0cf3a-3024-429a-a7ad-6705802f3b9d/Deposit-Rates-22012019.aspx


 

Quote

 

5. Savings Mee Tae Dai Deposit

less than Baht 100,000: 0.60% 

from Baht 100,000 to Baht 50 million: 1.30% 

more than Baht 50 million upward: 0.60%

 

 

It's been accepted at Phuket Immigration, one of the fussier or at least idiosyncratic immigration offices, for a retirement extension for me these last four years.

Edited by skatewash
Added last paragraph.
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thanks for the advice

 

it's a pity it got sidetracked into a discussion about interest rates on various accounts...

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