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chris2004

800k investment for retirement extension

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I know this has been raised many times (and i did check) but just wondered what the latest position is. I previously got my extension based on income but now am looking to get it based on 800k in the bank, (to avoid the Embassy's extortionate charge) assuming i can get a reasonable amount of interest. What deposit accounts are acceptable to immigration to use for the 800k account. I presume they have to be ones where you can withdraw money immediately (with or without penalty). In the current market what sort of interest can one get on these accounts and where do BMs usually deposit their 800k.

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Normally commercial savings bank passbook savings accounts and fixed time deposit account are accepted. Just be sure it is a cash account rather than one of the fund type accounts many banks now offer.

Interest will likely be below 3% currently.

But also remember the money only has to be in account for 3 months prior to application - you can take it out once extension is received until 3 months prior to next application. So fixed account might not be your best option if keeping elsewhere gets a higher return.

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i have used fix term deposit accs.as it is available anytime subject to loss of interest.

if you intend to leave it on deposit long time,take a pass book that shows what you are living on.

i think i have been asked twice in the last 5yrs.

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If you desire routine access to the principal and/or interest,, Krungsi Bank (Bank of Ayudhya aka "Yellow bank") has a savings account called Mee Tae Dai (MTD), currently providing 2.3%.

If you are familiar with Money Market accounts, it operates like that.

- Higher interest than normal savings acct but less than some fixed account offers.

- Interest compounds and is paid monthly.

- Principal and interest are accessible w/o penalty up to __ transactions each month (I think it's 6).

- Visa Debit/ATM card & online banking.

If you approach 20,000 baht interest, transfer all funds into a new MTD account to avoid tax on interest, and the tax return process.

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CIMB are currently offering 3.2% for 13 months ... I also have their 3.5% but that offer has now finished. I too got fed up with using the income method rip off British Embassy letter.

Edited by JAS21

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The funds in the account must be immedaately accessible (so usually you'd lose interest).

CIMB as mentioned above although my last one was 15 months with Kasikorn at 3.2%.

I put it in a bank every year (or 15, 18 months) and as mentioned above usually take my "living expenses" pass book but never been asked to show it.

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The funds in the account must be immedaately accessible (so usually you'd lose interest).

CIMB as mentioned above although my last one was 15 months with Kasikorn at 3.2%.

I put it in a bank every year (or 15, 18 months) and as mentioned above usually take my "living expenses" pass book but never been asked to show it.

Well it's the obvious way ... I just move around the 'visa renewal' money from one account to another ... whoever has the best rate at the time ...just need to ensure the 3 month rule ...I keep a little bit of money in various accounts so not normally a problem to juggle.

Any problem with dates and I borrow the money from Mrs Jazz.

Edited by JAS21

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If you desire routine access to the principal and/or interest,, Krungsi Bank (Bank of Ayudhya aka "Yellow bank") has a savings account called Mee Tae Dai (MTD), currently providing 2.3%.

If you are familiar with Money Market accounts, it operates like that.

- Higher interest than normal savings acct but less than some fixed account offers.

- Interest compounds and is paid monthly.

- Principal and interest are accessible w/o penalty up to __ transactions each month (I think it's 6).

- Visa Debit/ATM card & online banking.

If you approach 20,000 baht interest, transfer all funds into a new MTD account to avoid tax on interest, and the tax return process.

For the MTD you get "2" free withdrawals per month...3d and subsequent withdrawal per month a Bt50 fee applies. No interest penalty, just the fee.

The "6" transactions per month you mention is probably your brain thinking about U.S. money market/savings accounts where you get up to 6 withdrawals per month before bad things can possibly start happening to include the possibility of account closure.

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If you desire routine access to the principal and/or interest,, Krungsi Bank (Bank of Ayudhya aka "Yellow bank") has a savings account called Mee Tae Dai (MTD), currently providing 2.3%.

If you are familiar with Money Market accounts, it operates like that.

- Higher interest than normal savings acct but less than some fixed account offers.

- Interest compounds and is paid monthly.

- Principal and interest are accessible w/o penalty up to __ transactions each month (I think it's 6).

- Visa Debit/ATM card & online banking.

If you approach 20,000 baht interest, transfer all funds into a new MTD account to avoid tax on interest, and the tax return process.

For the MTD you get "2" free withdrawals per month...3d and subsequent withdrawal per month a Bt50 fee applies. No interest penalty, just the fee.

The "6" transactions per month you mention is probably your brain thinking about U.S. money market/savings accounts where you get up to 6 withdrawals per month before bad things can possibly start happening to include the possibility of account closure.

Yep, that was probably the case. Tx.

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If you approach 20,000 baht interest, transfer all funds into a new MTD account to avoid tax on interest, and the tax return process.

Pib and Jay, I've been looking at Krungsri's Mee Tae Dai account for Immigration bank deposit purposes, but haven't opened one as yet.

But when I read the detail in their PDF document on interest rates, the section about the MTD account talks about the interest being credited monthly "(after withholding tax)."

So I'm not sure what to make of that.

Do they withhold tax from the monthly interest payments from the outset? Or, do they only start withholding if/when your interest payments for the year reach 20,000 baht limit and beyond?

I've got an appointment with my local branch manager tomorrow to see about opening that account, or something similar with them.

BTW, I was down at Chaengwattana the other day for some Immigration business, and did a walk through of the basement to tick off all the different Thai banks with branches there.

My list included Bangkok, Siam Commercial, Kasikorn, Krungsri, Thanachart, Government Savings Bank, KrungThai, and TMB.

Unfortunately, missing from that location, as best as I could see, are both Standard Chartered and CIMB.

I have a CIMB branch with ATMs near my home, but unfortunately, none of the staff there speak any English, so they say, so the prospect of getting them conveniently to issue an Immigration deposit letter without dragging my wife along doesn't seem promising.

Meanwhile, all the Standard Chartered branches near my home and the one near ChaengWattana seem to be mall branches that open mid to late morning, meaning it would be difficult to get an ATM receipt balance update there from them at an early hour on the the morning of my future Immigration visits.

Krungsri, on the other hand, both has an early opening branch with ATMs near my home as well as the same inside the CW Govt. Complex, making it more appealing and convenient for Immigration purposes, despite their interest rates being a bit lower than SC and CIMB.

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TallGuy,

Interest being paid monthly with no tax withholding. Several times I have calculated the monthly interest payment to ensure it was the full 2.3% and it was. In fact, I just logged onto my MTD account, looked at the interest paid for last month, did the calculation to ensure I was getting the full 2.3%, and I was. The only debit that shows monthly is the Bt19 debit for the SMS service. The particular debit card I got is their basic card "with no annual fee" but you must take the Bt19 SMS service which adds up to Bt228/year...but it's nice getting a SMS on any transaction you do. I've had the MTD account since last Aug, been happy with it, and continue to add to it.

I opened my account at the Krungsri branch next to the Bangkok Bank branch in the Chaeng Wattana immigration building (nice folks in that Krungsri branch although the two folks I dealt with for account opening knew extremely little English). And that next door Bangkok Bank branch is where I have my Bt800K fixed deposit for retirement extension/emergency money purposes....they have a female manager there that speaks very good English...have always been very helpful...and issue the bank letter for retirement extension purposes in issue in about 5 minutes for a fee of Bt100...then it's up to immigration I go to renew my retirement extension...done that for two years now...or maybe its been three years.

Pib

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Pib, in part due to your recommendation and calling attention to the account, I did open a MTD at my local Krungsri branch the other day. Includes online banking and a VISA debit card. Sukhumvit Soi 17 near the Tops/Robinson's Center. Branch is small, but has a pleasant manager by the name of Khun Visut (who said he spoke English and then proceeded to speak entirely in Thai) and an English speaking new accounts officer by the name of "Oh" who treated my wife and I pretty well the other day. Should have added, did so with a retirement extension, no work permit.

While perusing the latest interest rates PDF file on the Krungsri website, I saw they also have a 10 month special time deposit paying 2.5%, interest paid monthly, but tax withheld, minimum 10,000 to open up to 10 million, though their PDF says 50,000.

And also an 8 months step-up time deposit that has three different rates over its term that average out to 2.75%, 10,000 to open, interest paid monthly, tax withheld. And bank staff there confirmed both were still available and available to me.

In both cases, bank staff said funds can be added to either account at any time during their terms, though apparently with 10,000 baht minimums per addition. And the monthly interest payments are automatically transferred monthly into either a separate savings or current account with the bank, such as the Mee Tae Dai account.

Planning to use the Mee Tae Dai account as an ongoing, kind of backup account with Krungsri, and then transfer my funds with them from the Mee Tae Dai account into any special or time deposit accounts they may offer in the future with decent interest rates.

I know CIMB has some better rates on their accounts, but what they don't have is any branch nearby my home where they have any English speaking staff who are going to be helpful is issuing an annual Immigration bank deposit letter, nor do they have a branch at the ChaengWattana Immigration complex in BKK. The folks at the Krungsri Sukhumvit Soi 17 branch assured me they knew what the Immigration letters are and would have no problem producing them, and Krungsri also has a branch inside the Govt Complex.

Edited by TallGuyJohninBKK

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Yea, a person can self-induce high blood pressure trying to chase the highest interest rate deposit promotion of the day (and within a few days there will probably be another promotion with an even higher rate). The Krungsri MTD pays 2.3% (which is over 4.6 times the rate of a regular Thai bank savings account now paying 0.5%), no 15% tax withheld unless going over Bt20K interest per year, interest paid monthly, a person can withdrawal funds twice a month without any penalty fee (Bt50 fee for 3 or more withdrawals per month), comes with a debit card if desired, and you can get ibanking. Plenty of Krungsri branches everywhere.

And the Krungsri branch I opened the account at was very helpful and didn't care that I was American...they just had me fill out the citizenship related questionnaire and the IRS social security number form then continued on with opening the account/completing the typical account opening forms. Since the FATCA thing went into effect 1 Jul 14 I've opened two more accounts...one at Bangkok Bank and one at Krungsri Bank---no problems...just two additional easy and fast to complete forms.

Yeap, the absolute highest interest rate on a saving account ain't everything...a person needs to consider other factors also such as purpose of the account, need to easily access the money, how much you plan to keep in the account, convenience, branch availability, etc...preaching the choir I know.

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Doesn't immigration require that the 800k on deposit come from a foreign source?...

If so couldn't moving money from bank to bank cause a problem?

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Doesn't immigration require that the 800k on deposit come from a foreign source?...

If so couldn't moving money from bank to bank cause a problem?

Re causing a problem, never heard that it has...

All my funds come originally from foreign sources. But once they're here, I'm free to move them around, and from bank to bank, as I see fit.

The only issue limiting the moving of funds, AFAIK, is the 2-3 month seasoning requirements Immigration has for people using the bank deposit method for extensions of stay. But if you're not using a deposit for that purpose or you're outside the seasoning period, I think you're free to choose.

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