Answered2 months ago
Is the SCB EZ retirement account accepted by Thai Immigration for retirement extensions?
I am on a 2nd retirement extension right now. I just renewed last week.
I decided to do better with interest with my 800k retirement funds in the bank so I opened an SCB EZ account that pays 1.25% interest on that balance. The lady in the bank said it works well for Immigration. Do any of you hold this account and how is it working out for you when you do your retirement extension? Thanks.
I decided to do better with interest with my 800k retirement funds in the bank so I opened an SCB EZ account that pays 1.25% interest on that balance. The lady in the bank said it works well for Immigration. Do any of you hold this account and how is it working out for you when you do your retirement extension? Thanks.
Answer summary
The discussion centers around whether the SCB EZ account, which offers 1.25% interest on a minimum balance of 800,000 THB, is suitable for meeting Thai Immigration requirements during the retirement visa renewal process. Community members share their experiences with this account and emphasize the need to check with local immigration offices, as acceptance criteria can vary. Some express frustration over low interest rates in Thai banks compared to options available in their home countries. Others highlight that the money must be readily accessible, and proper documentation, like a passbook, may be required for the account to be accepted by immigration.
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Gwyn ********
So what's the best bank to put
*****
0 baht in that will give you the best interest and will be accepted by immigration. Before anyone comments on why put it in a Thai bank, it will be passed on to my missus if anything happens to me.
กะลาสี *****
You should go check with your local Thai Immigration Office and not rely on the FB pseudo -lawyers. Remember, not all immigration offices have the same requirements. What is acceptable in Chonburi may not be acceptable in Phuket and what is required in Phuket could be slightly different than what is required in Bangkok.
DorkyB******
A whopping 1.
25% ???? Call Gulfstream, you'll b able to oder that G6 in no time
25% ???? Call Gulfstream, you'll b able to oder that G6 in no time
Ronnie *******
I have the required bank balance so I’m going to try to do it myself. Tge problem is corruption and you can have different outcomes depending on the immigration office or officer
Jeffrey *****
🙄
Jacob *****
What is EZ account? Never heard off.
Ken *******************
Yes. I’m doing the same. Just use this account for the bank letter when doing the renewal
Michael *******
I'm getting 12.5% annually, paid out monthly.
Ian *******
Michael Carey and what Thai account would that be I wonder, or are you comparing apples with oranges again?
Michael *******
Ian Whyte not in a Thai bank account. And wtf are you talking about "again"? We have never had a conversation. So, slow your roll. Talk with respect if you want it in return.
Jonathan *************
Michael Carey is that account in the room with you now?
Michael *******
Jonathan Pressburger did you find something funny?
Cris ******
I would ask your specific immigration office. They all have their own specific sets of rules and requirements. One office could accept it, but another could deny it, so your only real chance of getting an actual answer is asking them yourself.
Ronnie *******
Are you doing the extension on your own or with an agent?
Ling *****
OPRonnie Staff with agent
Doug ********
Ling Gah ..so the money you get in interest you throw away on agent....strange logic
Ling *****
OPDoug Powell i don't like dealing with immigration directly, the agent is very easy, no return trips and worth it to me.
Willi*****
1.25% ? 🙄🤪
Albert *********
Willism69_ 1.25 % on 800,000 equals 10,000 baht per year. Not 25%
Willi*****
Albert Pezzuto wtf you talking about?Who said 25% 🙄?
Emerald********
1.25 % of the 800k. How much bahts gives you every month?
Ling *****
OPEmeraldBeet5619 800k x 1.25% = 10,000 baht per year less tax. I'd rather that than a measly .25% interest of 2,000 baht. 8k in my pocket is better than the banks pocket.
Neil ********
Ling Gah its the three ladys drinks
Ian *******
Neil Deeker how much are you paying for ladies drinks?
Pete **********
You can just about buy one can of beer a month with it!
Liam *********
Pete Williams It comes to 833 baht a month. Where are you paying that much for a can of beer?
Emerald********
Pete Williams that's the point
Petr *********************
Thai scam, annuity will pay 7% !!!
Proficient**********
Petr S. Van Valkenburg where can get 7% return
Colin *******
ProficientTurtle7614 the poor chap does not understand what an annuity is. Someone is getting scammed.
Petr *********************
Colin Faith that what I am going to put half of my portfolio into annuity to protect my fixed income against market crash !!!
Paddy *****
Petr S. Van Valkenburg not a scam, you knew the deal when you signed up. Nobody force you to take it.
Petr *********************
Paddy Kan exactly why I wouldn't do it, giving them money for free!!!
Mark *********
as long as it has a passbook with pages you are good to go. Chiang Mai immigration only accepts deposits two and balances of accounts that have a passbook with pages. I was given an e Passbook from them and immigration flat out would not accept the information from that account
Ling *****
OPMark Schultz the account i got is an SCB EZ account, it has a digital passbook only. My immigration office is Jomtien. From what I have read, a full year statement and a certified bank letter showing my balance in my name will be enough.
Greg ***********
Ling Gah I got an savings account with the SCB and I still have a passbook for it
Mark *********
Ling Gah well each immigration office is different. mine was Chiang Mai by the airport and they absolutely positively would not accept the balances from an account that lacked a proper Passbook
Greg ***********
Mark Schultz yes. For Immigration, you need a physical passbook from the bank. Many Thai banks switched to E-Passbooks. But you still can ask your bank for a physical passbook
Mark *********
Greg Alexander yes and when I did they demanded that I have my full year renewal on my Visa and go through the process of reopening an account a second time with them.
MagicalR********
The lady in the bank can tell you whatever you want to hear, it's the immigration officer who decides.
James **********
Why leave 800,000b in a Thai bank when you can keep it in a much higher interest account in your home country 3.5% + I use the over 65,000b a month
Matt *********
@James *********
doesn’t the income method require the funds come from a pension?James **********
Matt Flesher no as long as the funds are tax paid as mine is , I’ve retired with business investments back in the uk 🇬🇧
Michael *******
@James *********
do you have to show *****
incoming baht every month to your Thai bank or *****
of foreign income going into your bank in home country?James **********
Michael Brown you need to show 65k and over every month and it needs to be a international transfer prove where the money comes from with bank statements, i have a business back in the UK and draw a salary every month from the business yes it’s more paper work and a pain really but I don’t see the point given a Thai bank 800,000b
Alan *********
Michael Brown coming into your Thai bank account every month
Graham ******
BronzeHeron9618 a minimum of 65k per month and it can be used immediately
BronzeH********
Alan Freeman does it have to come in as a single deposit of 65,000 per month or does it just need to be a total per month of 65,000 or more? Also I'm assuming this money can then be used each month for normal living expenses.
Robert ***************
@James *********
a lot of banks in the UK are closing your accounts down due to NO address in the UK they closed mine down and I had to transfer everything to my Thai banks , it was a pain .Matt *********
Robert A Calderbank This is common in most western countries afaik. In Switzerland, my country, there are a few banks which offer non-resident accounts, but these are expensive (Fr200-300 per year). This is due to KYC rules and administrative costs.
James **********
Robert A Calderbank I have a address in the uk and a business so my account will never be closed down ,,,
Willi*****
Robert A Calderbank just use a relative or friend's address.Everybody else does 🙄.Just leave your toothbrush there in their coffee cup with your DNA on it when the bank forensically investigates whether you actually live there.
Rob **********
Robert A Calderbank I’m using a Thai address for my Aussie account, have done for 10 years
Robert ***************
Rob Reynolds I did then last your they give me 10 weeks to get an address with in six months or all my money would be held in a holding bank and my account would be closed , hence sent all my money here . I was in that bank in the UK FOR 65 years
Marty *******
Robert A Calderbank Exactly the same, so i am looking at an alternative in the Isle fo Man
James ******
Robert A Calderbank I use my sister’s address for 19 years in the US
Robert ***************
James Sing I used my mams address and went to see her once or twice a year , but she passed last year from Alzheimer’s in a care home so the house was sold to pay for the home . Thats what happens in the UK 92 year old and thats what they do to you . Anyway it’s done now , and thank you UK .
James ******
Robert A Calderbank if you come back to your country every now and then I'd see no problem using your sister's address you can say you're staying there when you're in the country
Robert ***************
James Sing in the UK if the Bank finds out it’s big TROUBLE for you and your sister so take not .
Willi*****
@James *********
5.1% atm in Australia. 40,800 baht p.a.Ling *****
OPWillism69_ yes i know mate and you are right.....I might return to that method too
Ling *****
OP@James *********
i was doing the 65k method but I am in Thailand only 6 months a year and the 65k p/m was not spent whilst i was not there which meant my savings kept growing until I hit 800k. So now I use the 800k method, it's easier.James **********
Ling Gah I was posting regarding those of us live here full time why deposit 800k and receive no interest, just think how much is sitting on the balance sheet for the banks who make money from the money deposited,,,
Petr *********************
Ling Gah but annuity will pay you 7% that is approximately 7,000 baht a month , Thai bank just making money of your money!!!! Thai Immigration scam !!!
Greg ***********
Myself I got an SCB Savings account since 2006. Immigration accepts it. It earns me a 1.25% interest every year since 18 years. However if you plan to put your money into a fixed term account, you must ask Immigration if they are willing to accept it
Aslam ******
Greg Alexander Savings or Fixed deposit in any thai bank in thai baht is accepted
Greg ***********
Aslam Khan you still need to ask your Immigration if they accept a fixed term account, as not all of the 85 Immigration offices in Thailand do
Ian *******
Greg Alexander and as immigration does, they are prone to changing their rules regularly in individual offices.
Greg ***********
Ling Gah . . you need to ask your Immigration if they accept such an account. The deposit has to be accessible instantly. Do not ask on Facebook
Joiner *****
Greg Alexander why does it need to be accessible instantly, when you are told you cannot touch it for 5 months, and cannot touch the 400,000 at all ?
Why would they require you to access it ?
Why would they require you to access it ?
Yo***
Joiner Man more and more immigration officers want to see in and out from your bank account. This means, they want to see how do you live with your money in Thailand. There are many foreigners who just put 800K THB into a bank account and keep it so just to extend their permits.. but they live with 10K, 20K, 30K THB a month like that. Yes cheap Charlies they are. Thailand does not like that cheap charlies. More and more Thai immigration officers want to see how much money they bring to Thailand and spend in Thailand apart from 800K
Don *******
Young Just my personal experience, but in 15 years Jomtien immigration has never asked to see my regular bank account. They are only interested in the account that has the 800K in it, and that never varies as it is a term deposit.
Gerar ********
The original reason for the 800.000 was that you have money at hand in case you need it for a medical expense.
Therefore the magnet has to always readily available.
Therefore the magnet has to always readily available.
Ken *******************
Gerar Teuben time deposit account works well. Has been doing it for 5 years already
Greg ***********
Joiner Man and if you do not follow the rules to the upkeep of the 800,000 THB minimum in your Thai bank account, your extension will become invalid the moment the deposit falls below the required amount
Greg ***********
Young . . . . It is how it is . . . .On Immigration, when you get issued the extension, you sign a STM form in which you acknowledge that you will follow the rules for the upkeep of the deposit. So, if you violate against these rules, the very moment the deposit falls below the required amount, you have violated against these rules and your extension becomes invalid, and you are technically in overstay from this moment on. Some Immigrations tolerate it and will just reject the next application to the extension. But TECHNICALLY you are in overstay! This is one of the reasons that when you used an agent who fronted the money, you cannot just stop using the agent, because the agent has to pay Immigration for ignoring that you violated the rules the very moment when the agent took the money out of your account
Yo***
Greg Alexander how possible the extension becomes invalid the moment when the money drops below?? even you drops your money below that after extension, your extension is still valid at the moment. but next extension can be rejected.
Greg ***********
Joiner Man if you chose to do the financial proof with a deposit in your Thai bank account, the money has to be instantly accessible, or Immigration will not accept it. It is what it is
Mark ********
It will no ok remember they will tax that interest
Ling *****
OPMark Tabner so do my other Thai banks, they take the tax out the same time as interest is paid.
Patricia **************
Ling Gah so after the bank taxes you do you even make anything in interest back?😔
Ling *****
OPPatricia Ann Gardner yes you do, tax is minimal
Sebastian ********
Patricia Ann Gardner I do. Only tax at 15% so always plenty left in interest.
Greg ***********
Mark Tabner the bank will deduct the tax automatically. No further action needed
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