Two questions. Does any of the Thai banks offer high yield savings accounts? If they do, can I use one of those accounts for my retirement visa?
3,206
views
7
likes
95
all likes
58
replies
0
images
25
users
TLDR : Answer Summary
The discussion highlights that Thai banks generally offer very low interest rates on savings accounts, with comments indicating rates as low as 1.5% or even lower. Although some users report having 'fixed accounts' for visa requirements, the consensus is that these accounts are not beneficial for generating significant interest. For retirement visas, the requirement allows a minimum balance of 800,000 Baht but does not permit high-yield accounts that restrict access to funds. Alternatives such as the monthly transfer method (65,000 Baht) are suggested as more favorable for expats.
NON-O RETIREMENT VISA RESOURCES / SERVICES
Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
Good enough. I went via OA and started the 65k transfers immediately. After the second free year of the OA I did an out/in, came back in on exempt and then got the O meeting the 65k transfers, so I never had to stump up the 800k
Check the Bank connected with your home country, mostly Bangkok, Kasikorn and ... This is importend for your general Bank transfer Service you may need.
Todd **********
Really? You name me one bank anywhere that yields high interest on savings account? There cheap AF….
Jesper *******
It's only for the first 2yrs once u swipe to the 65k method your 800k is set free if you are so calculative over the interest lost of the 800k why do u want to come stay in thailand in the first place? The lower cost of living makes it worth to lose that interest over 2yrs
not many ppl realized the 65k method most are too happy to go tru the 90days and 1st year extension....like myself i miss a few mths for my 2nd extension I can only do it at my 3rd extension....after confirming from the immigration officer....it's a taunting process for me as i started from scratch without agent luckily I had a thai bank acct few years back which I use for the convenience of travel not planning for retirement at that time
alot of embassy doesn't give affidavit anymore...it's up to individuals to overcome the situations
Reply to
Jesper *******
Reply
Brian *********
Thats largely why i avoided the non O visa. That much money sitting in an account that will likely charge you more in various service charges than the interest it gives, no thanks. 👌
So my pension won’t transfer to a foreign account. Is simply manually transferring funds from a US account to a Thai account around the same time each month work for a retirement or marriage visa?
You do one 65k transfer each calendar month. I've done it that way for years. It must show in your bank account as a foreign transfer. I use Wise to do the transfers
was just pointing out. I’ve stopped with Interest accounts back in the late 80s. Banks are forever Jewish. They will take everything & give back .01 back on the dollar. Putting it in your mattress is equivalent to banks now.
they have plenty of ways to invest easily getting 5-15% but you need to leave the money in the bank for 5 months then it can drop to 400k just start your money foreign transfers of 65k + every month for 12 and you can take all the money out of the bank 800k isn’t all that much to worry about
haven’t researched the Thai banks, was just generalizing on western banks. Think best I’ve seen western accounts was around 5% but long term. I don’t do CDs. Regards Thai visa money, I use lot of that for emergency funds & house renovations, then put back so not a good ‘interest account’. Thailand isn’t cheap when you own a home & actually live here, my credit cards are very active as well.
mine too as all my investments are there. Just keep the Visa account here & a separate budget account. I transfer funds from the USA pending the higher dollar which annoyingly is when there’s a thieving/ corrupt leftist liberal democrat in office.
Reply to
Dwayne ********
Reply
Marty ******
Good luck with that their more focused on loans & credit cards that paying interest
Bill *********
I consider the "lost income" on having that account generating no interest as the cost of living in Thailand. I accept it and don't fret about it considering there are other ways more serious obstacles might be thrown at us expats. And I would assume that once I start generating an income in Thailand then taxes will be an issue that I really don't care to tackle.
With bank interest, the tax is deducted at the source, so unless you wish to claim it back, there's no tax issues with bank interest. I'm on the monthly transfer method and that suits me, as my Australian Super Fund pays between 8 and 9 percent per annum tax free, which is around
*****
k baht per year. I get a decent health insurance cover for less than that, so that's my bonus
I have a “fixed account” that I use for my visa only. I put in the 800K and have left it for years. I get about 8,000 baht per year in interest. It’s no issue to have that type of account but you don’t get much from it.