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BANGKOK 20 July 2019 18:35
samsensam

what type of bank account?

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17 minutes ago, Felt 35 said:

Did you get in written what documentation the bank want to let you open an account?

Thanks

Felt.

Not from Krung Sri.

 

Kasikorn's web site says:

Individuals

  • National ID card (Smart Card)
  • Copy of House Registration (in case other ID cards are submitted)

Pretty much all banks want ID and proof of address. Passport  plus tabian ban or residence certificate OR pink Thai ID card.

 

Some are reported to want other things in the case of a foreigner and this varies not only by bank but by branch. Some people report being asked to get letters from Immigration or their Embassy, others report being told they can't open an account without a work permit. None of this specific to a FD account, just any bank account. In short seems to be all over the map, as bad as Imm offices!

 

 

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On 2/12/2019 at 7:07 AM, samsensam said:

is any bank account; current, savings, long term deposit... more convenient in terms of dealing with immigration?

Normally it's said that the money shall be withdraw-able at any time, so any bank deposit from where the money can be withdrawn should work.

 

I've had my 800k baht permanent in deposit for years – because it's much more easy then maturing every your and prove it with mixed deposits and withdrawals – and I've been using fixed accounts, normally for 12-month, but occasionally longer. Some of the years I've been shopping around for best interest – but I've never moved to another account less than 3 month before my annual application for extension of stay, i.e. the mature period – and I've never had a problem. You can normally withdraw funds with loss of interest (present period). At the moment I use Bangkok Bank that offers 1.5% p.a. (before 15% withholding tax).

 

It's been mentioned in another thread, that after the new rules, where you always need 400k baht in deposit, you are still allowed to move bank, as long as withdrawal from old account, and deposit in a new account, is made on the same date.

Edited by khunPer

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On 2/13/2019 at 11:25 AM, Aforek said:

These two last years ( last time of my extension with a fixed deposit of 800000 bahts : october 2018 ), Prachinburi IO accepted my FD , no problem

next month, I'll go and ask them if for the future and the new rules, they will still accept it 

I was there today and was told it is fine. Actually first 4 people asked did nto know, they had me speak to what I gather was the senior officer. She was clear that it is fine. So I will proceed.

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14 minutes ago, Sheryl said:

I was there today and was told it is fine. Actually first 4 people asked did nto know, they had me speak to what I gather was the senior officer. She was clear that it is fine. So I will proceed.

First 4 didn't know....then the 5th knew.  Sometimes it luck of the draw in getting good info out of an immigration office.

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11 hours ago, Pib said:

First 4 didn't know....then the 5th knew.  Sometimes it luck of the draw in getting good info out of an immigration office.

You had any better luck at Tesco because I haven't?

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1 hour ago, jacko45k said:

You had any better luck at Tesco because I haven't?

Nope....and even worst luck at HomePro.

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Just opened an account with Krung Sri in Nonthaburi. They asked for my wife’s Thai ID card and House Book, my PP. I also gave them a copy of my US DL (my choice). Filed out several forms to include a US Tax form.

 

Wife ( has US, Thai PP ) and I have had a joint checking account with BB for 11 years (never below 300000) . I just retired last year, spend 8 months here, 4 US . I am on ME O Visa till Dec.

BB branch says no can do, I need a letter from Embassy. They gave me a copy of the form, asks for PP information, home address, Thai address and signed by Embassy, unsure if US Embassy will notarize my home/ Thai address (nowhere for me to sign on form).

 

Went to BB branch where we do business and opened account 11 years ago. They said same for form. But get a work permit and OK. Told them if I had a work permit, I would not need the 8 in saving, could hear the wheels turning in their head, but they were very nice!

 

We were at the shopping center, sister-in-law walked into Krung Sri ( around the corner from the first BB branch we tried) and asked about me opening saving account, they said sure bring this and 10,000 to deposit. Went home, got papers, 30 minutes later had my account open with no problem. Fun part is we told the BB we just sold a house and had several million to deposit and wish to put 8 in my saving just in case I decided to do extension, no can do.

 

Wife went back and opened a joint checking at Krung Sri, going to move all money to new bank. This all happened yesterday the 19th. She took the check from SCB for house and deposited in new checking account.

Edited by allen303
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Now days Bangkok Bank seems to press for the certificate of residence from immigration or your home country embassy if you don't have a work permit, Yellow Book, acceptable (to them) Thai to vouch for you, etc.   But as always, it varies from branch to branch as to how expat friendly they are.  TIT

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23 minutes ago, allen303 said:

Just opened an account with Krung Sri in Nonthaburi. They asked for my wife’s Thai ID card and House Book, my PP. I also gave them a copy of my US DL (my choice). Filed out several forms to include a US Tax form.

 

Wife ( has US, Thai PP ) and I have had a joint checking account with BB for 11 years (never below 300000) . I just retired last year, spend 8 months here, 4 US . I am on ME O Visa till Dec.

BB branch says no can do, I need a letter from Embassy. They gave me a copy of the form, asks for PP information, home address, Thai address and signed by Embassy, unsure if US Embassy will notarize my home/ Thai address (nowhere for me to sign on form).

 

Went to BB branch where we do business and opened account 11 years ago. They said same for form. But get a work permit and OK. Told them if I had a work permit, I would not need the 8 in saving, could hear the wheels turning in their head, but they were very nice!

 

We were at the shopping center, sister-in-law walked into Krung Sri ( around the corner from the first BB branch we tried) and asked about me opening saving account, they said sure bring this and 10,000 to deposit. Went home, got papers, 30 minutes later had my account open with no problem. Fun part is we told the BB we just sold a house and had several million to deposit and wish to put 8 in my saving just in case I decided to do extension, no can do.

 

Wife went back and opened a joint checking at Krung Sri, going to move all money to new bank. This all happened yesterday the 19th. She took the check from SCB for house and deposited in new checking account.

Nice to hear as I am planning ti try to open my FD account at Krung Sri, they offer 2.15% on 4 year term deposits which is the highest I have found anywhere.

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4 minutes ago, Sheryl said:

Nice to hear as I am planning ti try to open my FD account at Krung Sri, they offer 2.15% on 4 year term deposits which is the highest I have found anywhere.

Personally, I would not go with such a l....o.....n......g term (4 years) fixed account at this time since we appear to be in the early stage of interest rates starting to rise again....slowly but rising.  Bank of Thailand will probably raise rates at least once this year.  Wouldn't surprise me within a year fixed accounts paying 2.15% at much shorter terms than 4 years will be common.  Now if we were in the early stage of interest rates going down, then yea....2.15% for 4 years should be fine since interest rates cycles are usually long term cycles of at least several years.

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But what is the position if, when you go for your extension of stay,  a particular IO says no, a FD account for your 800K is  not acceptable.  Then you are screwed,  with nowhere to go to get the extension. Wishing and hoping it is true that a FD account is acceptable is not the same as knowing definitively that it is.  That is my problem now.  I think I will leave the 800K in the savings account, at least for this year,  until there is some clarity on what is and is not acceptable going forward, if there is ever going to be any clarity.  

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1 hour ago, Pib said:

Nope....and even worst luck at HomePro.

Yep, even worse there. Staff should be persuaded to at least take a wander around and get familiar with stock rather than hiding among the shelves playing with their phones.

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8 minutes ago, Pilotman said:

But what is the position if, when you go for your extension of stay,  a particular IO says no, a FD account for your 800K is  not acceptable.  Then you are screwed,  with nowhere to go to get the extension. Wishing and hoping it is true that a FD account is acceptable is not the same as knowing definitively that it is.  That is my problem now.  I think I will leave the 800K in the savings account, at least for this year,  until there is some clarity on what is and is not acceptable going forward, if there is ever going to be any clarity.  

I guess you would need to start over by going to a nearby country and applying for a non-imm O.  I have had fixed deposits accepted in the past at Phuket Immigration but past performance is no guarantee of future success. 😉

 

You can proactively ask at your immigration office and hope that your query is understood.

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On 2/19/2019 at 11:10 AM, Pib said:

Personally, I would not go with such a l....o.....n......g term (4 years) fixed account at this time since we appear to be in the early stage of interest rates starting to rise again....slowly but rising.  Bank of Thailand will probably raise rates at least once this year.  Wouldn't surprise me within a year fixed accounts paying 2.15% at much shorter terms than 4 years will be common.  Now if we were in the early stage of interest rates going down, then yea....2.15% for 4 years should be fine since interest rates cycles are usually long term cycles of at least several years.

@Pib

 

Just how high do you think they will go?

 

By my calculation to do better than I will with a 4 year at 2.15% now, given that the best I can get for a 12 month FD now is about 1.3%, I'd have to get an average return of at least 2.4% for the 3 years thereafter.

 

?Is that really likely?

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