Deposit accounts : bank with best rates ?

[fred2krabi]

Hello,

I’m looking for a bank purpose an interesting rate interest, i want to deposit some cash for a few trimester, which bank do you advise me ? I saw this advertising 5-Month and 7-Month Fixed Deposit Accounts but it seems that people holding non immigrant visa like me because i have a thai wife visa, can’t open this account.

Thanks for your advice

[dirtydog]

You have a non immigrant L or A visa? Whatever they maybe.

[nigelandjan]

I think as a foreigner you can access an account at the TMB ? bank .

Think they are offering 3.75% for a 12 month deposit . Thats something I will be lobbing the old 800k in for my retirement visa soon .

I have a Krung Thai account , dont waste your time there youll get stamped Foreigner no interest

[OhOh]

i want to deposit some cash for a few trimester,

Thats something I will be lobbing the old 800k

Both of you need to look at buying gold bar with, if not all, a large % of your cash pile.

[amazon777]

Both of you need to look at buying gold bar with, if not all, a large % of your cash pile.

Where?
What's the current going rate?
Any idea what customs would say if you try to take it out of the country?

[Boon Mee]

Anyone with a Non - O Visa can open a long-term deposit account with Bangkok Bank. Recently, they were paying 3.75% on a 11 month C/D.

[amazon777]

double post, sorry

[lom]

I think as a foreigner you can access an account at the TMB ? bank .

Think they are offering 3.75% for a 12 month deposit . Thats something I will be lobbing the old 800k in for my retirement visa soon .

Your 800K must be in a savings account so they are immediately accessible if needed, fund books/accounts are not accepted.
The money must have been in the account for the last 3 month when you apply for the yearly extension of stay so you can have them in a better interest account for 9 months..

[Thetyim]

Your 800K must be in a savings account so they are immediately accessible if needed

I have managed to get away with 800k in a deposit account for my extensions.
I have never seen 'savings account' specified anywhere in writing.
I think deposit account funds are instantly available if you don't mind losing a bit bit of interest.

[lom]

Your 800K must be in a savings account so they are immediately accessible if needed

I have managed to get away with 800k in a deposit account for my extensions.
I have never seen 'savings account' specified anywhere in writing.
I think deposit account funds are instantly available if you don't mind losing a bit bit of interest.

I've done 7 or 8 yearly extensions with money in various high-interest accounts, some of them not even with a book but with a special bank certificate with the government as guarantor.
I was denied an extension spring last year because I had the 800K on a long-time account of the type where you had to announce a withdrawal one day ahead of getting the money and I'm not the only one here who fell into that trap.
Immigration in Samui has warned all banks here not talk foreigners into anything else than saving accounts for that part of their savings which they use for retirement stay extension.

[Boon Mee]

Your 800K must be in a savings account so they are immediately accessible if needed

I have managed to get away with 800k in a deposit account for my extensions.
I have never seen 'savings account' specified anywhere in writing.
I think deposit account funds are instantly available if you don't mind losing a bit bit of interest.

My experience too.

According to Ayutthaya Immigration the 800K can sit in a long-term account with the book updated 3 months before you go for the next Non O.

[nigelandjan]

I think deposit account funds are instantly available if you don't mind losing a bit bit of interest.

That would have been my take on it Thet , I would have other accesable money in another account anyway , I would just lob the 800k in there and leave it. In the UK now the best you can get is a poxy 0.5% before tax.

Both of you need to look at buying gold bar with, if not all, a large % of your cash pile.

Gold bar mate 555 with my cash pile Ive just about managed a gold tooth !

[buycondojomtien]

Hi,

It would be good to report every time we find a good saving account offer from a bank.

Now it seems that there is still nothing higher than 4% ?


Thanks.

[Thetyim]

^
If you got a shed load of money then Kiatnakin Bank are still giving 4.1%
3.5% for under 10M

[superman]

In the UK now the best you can get is a poxy 0.5% before tax.

An offshore UK bank will give you nearly 3.5% annually, upto 3 years fixed account, if non-resident. No tax payable.

[superman]

If you got a shed load of money then Kiatnakin Bank are still giving 4.1% 3.5% for under 10M

Tax to be paid ?

[Thetyim]

^
All deposit accounts in Thailand deduct 15% WHT as far as I know

[OhOh]

Where?
What's the current going rate?
Any idea what customs would say if you try to take it out of the country?

Depend where you are
Depends on how much you buy
Depends on which country you are travelling from/to.

The money must have been in the account for the last 3 month when you apply for the yearly extension of stay so you can have them in a better interest account for 9 months..

Gold bar mate 555 with my cash pile Ive just about managed a gold tooth !

You need to keep 800,000bht in an "available" Thai bank account for three months prior to obtaining your visa it seems. You can also "earn" 3-5% p.a. if you put the money in a bank account. It may be safe in a Thai bank or maybe safer in two UK accounts, not much difference in the %.

Either way inflation and currency exchange rates add another risk to retaining the 800,000bht "requirement" for the years to come.

1 oz. gold bars, more half a credit card size wafer than a bar, can be purchased for approx £1,150 per oz. in the UK, VAT free. 14 oz of gold will cover your "visa" bond requirements. You can buy up to 10 oz. in the UK with no paperwork required other than a UK bank account, you can buy more but "forms" need to be completed. The purchase can be done online with courier delivery. There is no UK HMRC restriction in taking gold bars out of the UK or importing them into Thailand.

The clincher is gold has appreciated this year by 27% in US$ terms - (18,000bht july 2010 to 25,200bht Nov 2011 +40% in Thai market prices) . The mega clincher is that gold has appreciated by 500% over the past 10 years. With the way the financial markets are heading, IMHO, this is not going to stop and some are suggesting much larger increases are ahead. You can buy and sell gold in all Thai cities.

So, buy your gold now, when visa time comes around sell it and put the cash in the bank for the three months required for the visa, once you have your visa buy your gold and hold for the other nine months and repeat. Next year you might have 1,000,000bht. It would pay for a new truck every 5 years

Alternatively put in in a bank and take the 3-5%

It's up to you.......................

[Butterfly]

you guys should buy some Thai stocks, their price are stable and they offer 7% to 15% dividends

if you are lucky their price might even go up

[OhOh]

^Are customer account funds in Thai stockbrokers protected or guaranteed in any way?

[Butterfly]

customers securities are actually registered to their customer names, unlike in Europe or the US where securities are registered under "street" names, basically under the custodian name, but not here. For farangs however, shares are registered under the NVDR custodian, a proxy for farangs to buy local shares. It basically removes their voting rights, but not their "ownership" rights, and therefore are eligible to dividends and other capital structure change.

you own the stocks and your name is in the company book (or under NVDR company book), again unlike in Europe or the US,

so yes the protection is very strong, more if you are Thai or a big farang with a lot of cash

[Boon Mee]

^
If you got a shed load of money then Kiatnakin Bank are still giving 4.1%
3.5% for under 10M

Never heard of that bank but BKK bank is giving 3.75% on a 11 month deal.

[DrAndy]

So, buy your gold now, when visa time comes around sell it and put the cash in the bank for the three months required for the visa, once you have your visa buy your gold and hold for the other nine months and repeat. Next year you might have 1,000,000bht. It would pay for a new truck every 5 years

gosh, I must rush out and buy a shedload before the bubble bursts

[OhOh]

So, buy your gold now, when visa time comes around sell it and put the cash in the bank for the three months required for the visa, once you have your visa buy your gold and hold for the other nine months and repeat. Next year you might have 1,000,000bht. It would pay for a new truck every 5 years

gosh, I must rush out and buy a shedload before the bubble bursts

As I said "It's up to you....."

[lob]

you guys should buy some Thai stocks, their price are stable and they offer 7% to 15% dividends

if you are lucky their price might even go up

aint that the truth.. my question is, can u get a visa with cash held by the dealing company, ie a letter from the bank. if so it sure is the way to go.