What is the best way to manage the 800,000 THB for a retirement visa in Thailand to ensure access and interest?

After reading some of the vile responses to your perfectly reasonable question, I’m wondering… WTF is wrong with you people!

What miserable bunch of bickering whingers.

See an Agent and forget about putting any money in a Thai bank.

I leave my money in the UK it earns more interest, £18,000 will earn more than enough interest to pay an agent to put the 800,000bht into your account and have a few hundred left over ,leaving your money in the UK and paying an agent may look expensive but once the interest is taken into account its the best and cheapest way,once you have your visa sorted you can transfer 65,000 bht into your account every month for the next year and do your visa yourself for 1900bht

The interest rates are so low here that the interest on 800,000 baht hardly makes it worth the effort of coming to the attention of the tax people. There are a number of things going on. Immigration is getting tighter with more required documentation, the banks are getting intrusive, they want foreigners to pay taxes.

And me two accounts BKK BANK

Highly unlikely that you will find ANY bank that offers you more in interest (on the equivalent of 800k) than it costs to use an agent.

And the money HAS to be in a THAI bank because Thailand expects that if you need it, you can access it "immediately".

That is why you CAN'T use "investments" or "401ks" or RRSP accounts as "proof" of sufficient funds. Because you can't walk into the bank and say "I want my 800k now" and get it if it's tied up in shares or investments or "locked in" funds.

The BEST option is a Fixed Term savings account. They generally offer a little more interest than a regular savings account. On 800k it's enough to cover the costs of your Annual Extension application (the fee, photocopying, photos, etc).

A Fixed Term account does NOT have an ATM card with it so the only way money can be withdrawn is if YOU go to the bank with your passport and bankbook.

That keeps the "wife you met last week in a bar" from cleaning out your "Visa money" as fast as she empties your Savings Account before disappearing back to Isaan (or a different bar in a different part of the city).

(My (long dead) old dad's girlfriend tried that when he was dying of cancer and I was working overseas. She got ahold of his passport and had him sign a photocopy and then made copies of that.

Then she could go to the bank with his bankbook and have "someone" that spoke English answer dad's phone when the bank called to get authorization for her to withdraw 20,000 baht from his account.)

Which she did everday for for over 2 weeks until I came home on holiday. Then she tried to empty his entire balance in one shot but the bank wouldn't let her.

I took dad's passport, bank book, credit card (from back home) and atm card so she couldn't rip him off, but somehow, after he died and I went back to work, she was able to get a new bank book issued and still had photocopies of his passport and someone to answer the phone and pretend to be dad and she was able to clean out the remaining 250,000 in his Savings Account - and even went back 3 months later to steal the small amount of interest that had been deposited in the account.

But she was pissed off because she couldn't get at his Fixed Term account as HE had to go to the bank in person and he would have found out that she was ripping him off.

(Between what she stole and what dad left her in his Will, she scooped nearly 1 million baht from him.)

Almost all of which went to her boyfriend and she was back shaking her ass in a go-go bar less than a year later when the money ran out.

So yeah. Keep your "Extension" money in a Fixed Term account and transfer (via Wise or another site) what you need to live on for 6 months to your Savings account.

Saves you a LOT of stress and headaches and limits what your "teerak" can soak you for the day after she catches you cheating on her with her "sister" who - coincidentally - also works at the same bar you met your teerak in !!

(Yes, a LOT of guys ARE that stupid.)

And all those people who claim they are so uber rich that they use agents and keep their "800k" in accounts "back home" where they earn massive amounts of interest are usually full of shit.

The "800k" they claim to have is in their "401k" or RRSP account or it's in a stock portfolio - or - it just doesn't exist and THAT is why they are using an agent.

Just like almost ALL the people using the "transfer 65k a month from overseas" method as "proof of income" and then you see the same people in other threads trying to find the cheapest way to transfer that money back and forth every month.

Because they BARELY have 65,000 baht and are transferring it to Thailand every month and then a few days later transferring the same amount back home so they can again transfer it to Thailand next month.

Which of course costs money. Not as much as using an agent but when you are so broke that a one baht difference in the exchange rate is the difference between you being able to buy one large bottle of beer from the 7-11 this week or having to settle for a small can instead, transfer fees and exchange rates matter.

My bank account 😉

800K in Germany make 5-8% Interest. That's about 40K- 64K. Pay an agent cost about 20K and no need to Deposit money in a Thai bank where you never know what Thai government plans next.

Make sure your bank issue you a book.

You would think that one bank would pick up on this demand and create a simple program to attract farang wanting to leave 800,000 baht parked in an account more or less indefinitely. Nah... that wouldn't happen.

Grahame Brindle SCB EZ Savings account pays 1.45% for the first 1M balance. That's about the best you will find. Other banks don't allow foreigners to open their 'high interest' esavings (electronic passbook) accounts. If planning to use it for a retirement visa best check with your local immigration office to make sure they accept bank accounts without a physical passbook.

I don't understand why this subject keeps getting attention. It's been discussed probably more than any other subject. I'm not understanding why people would stress and fret over a few percent interest which basically comes out to 2-3,000 baht. It's the price of being retired in Thailand. If it's really bothering you that much then pick another country, you're not back in the world that you come from so don't expect the same standards. Admin please vet these boring and repetitive questions that can easily be answered by using the search bar for previous questions on this subject. Thank you

Wise are currently paying me 3.26% on funds that I can use whenever.

I just leave it in BKK Bank.

You can use it. Just have to replace it with 2 or 3 months prior to renewal.

But its only 24k usd.

Just leave it and don't worry about having to replace it in time.

If you need to dip into it you haven't got enough money to live here.

A savings account is what’s on offer as a foreigner. The rate of interest is just minimal. Depending on the bank the money cannot drop below 800K for three months after the Visa is issued. Or up to Three months before you look to extend it. Even so it cannot drop below 400K for the remainder. In essence you put it in and forget about it. Far simpler that way, plenty believe otherwise. Such options apply only after the first Visa is extended. As for Banks. Avoid Bangkok Bank.

The retirement account needs to be separate, and not something you "dip" into.

I put my 800k in a 12 month SCB fixed term deposit. Not a lot of interest paid but I can forget about it come renewal time each year, for me it's the easiest way to go.

SCB pays 1.5% ez-savers account

From what I understand you can not use a restricted access account for the 800,000 Baht against your visa.

It has to be an instant withdrawal account

Keep it in a high interest account in your country and use the interest to pay a visa agent, simple

Good rate of interest here is 1.1% per year and that will be taxed at 15%. But it is possible to claim that back but i never have. Ive been with krungsri bank 22y never ever a problem.

Regarding the B800 k this must be in you Account for 3 months after a new visa. Thus must not drop below B400k . Two months before renewal you must have a balance of B800k . The other option is to show monthly income of B65k then no need to keep the B800k

AFAIK you can use the some of the 800k, and long as it's back within the required period to apply, I believe, 60 days either side of the visa.

SCB and Kasikorn bank. There is the most minimal interest rates in Thailand, so just forget about that.

There are accounts that pay interest, but only a low rate. The money has to be accessible, so I don’t think a fixed rate bond meets the criteria. My bank only pays 1% on a savings account.