Maintaining 800,000 baht in a Thai bank

[ric]

Hello All,
With the embassies now not issuing income affidavits, It seems the surest way to have your retirement visa renewed is to just go ahead and deposit 800k THB in a Thai bank and keep it there.
My questions to anyone who uses this method is-
1-How much interest do you get on your money ? Kasikorn only gives .05.
2-I suppose Thai Immigration will want a letter of proof that the 800k THB is actually in your account , so will the Thai bank issue you a letter of guarantee and must it be dated the day you apply for your
renewal ?
Thanks in advance for any info,
Ric

[Nereus]

1.--Bangkok Bank are currently 1.0 % for 3 months. A bit more if you leave it for a longer term. Note that if
it is a Term Deposit, not a savings account, you will have 15 % tax deducted from the interest.

2.--Yes, Bangkok Bank charge 100 Baht for a letter and the letter AND the update date must match.(after 90 days)

[Homer]

2-I suppose Thai Immigration will want a letter of proof that the 800k THB is actually in your account , so will the Thai bank issue you a letter of guarantee and must it be dated the day you apply for your
renewal ?

The letter is proof of the lowest balance during the preceding 3 months. That must be at least 800k.

[Groodman]

I do not know if the Thai Banks would do this or if Thai Immigration would find it acceptable (if they were to find out). I need advice from someone with knowledge of Thai Banking.

Borrow Baht 800000 from bank, bank to freeze money so withdrawal cannot be made ( Banks money is safe)

Interest Rate is say 10% or Baht 80000 pa or Baht 19726 for 90 days (or GBP 470 @ 42)

Bank earns interest (a nice little earner) with no risk and money for Visa covered for foreigner.

Is this practical, acceptable and a way round the Visa problem for some people or have I got my logic wrong.

I would appreciate advice.

Thanks

[buksida]

You wont get ten percent in any Thai bank. Long term fixed deposit accounts (2 years) only offer 1.5% or so.

[Nereus]

You wont get ten percent in any Thai bank. Long term fixed deposit accounts (2 years) only offer 1.5% or so.

No, he is saying he will pay the Bank 10%.

[pitsch]

But as foreigner you cannot borrow money from a Thai bank.

[laphanphon]

Thanachart Bank 1.5% and taxes 15 % on interest earned.

[dundrillin]

Do you just need to have 800k in the 3 months prior to visa renewal.? The last time I renewed they wanted photocopies of the last 12 months from my bankbook in addition to the letter from the bank.

[StevePIraq]

I do not know if the Thai Banks would do this or if Thai Immigration would find it acceptable (if they were to find out). I need advice from someone with knowledge of Thai Banking.

Borrow Baht 800000 from bank, bank to freeze money so withdrawal cannot be made ( Banks money is safe)

Interest Rate is say 10% or Baht 80000 pa or Baht 19726 for 90 days (or GBP 470 @ 42)

Bank earns interest (a nice little earner) with no risk and money for Visa covered for foreigner.

Is this practical, acceptable and a way round the Visa problem for some people or have I got my logic wrong.

I would appreciate advice.

Thanks

Mate you must presently be living in La La Land to come up with this. You have no option here except to put your or someone elses money into your bank account for a period of 90 days prior to visa day, you can not dip below the required 400/800k for one day. You then need additional cash to live on during that period. Once you do you visa you can do what you like with the 400/800k, spend it, give it to a bar girl or send it back overseas.

There is only one option and that is specific people who assist in obtaning visa's, what they do may not be legal and you leave yourself at risk. I did it once but will not do again.

Just follow the legal path and put the cash in the bank, if you don't have the cash you maybe should not be in Thailand

[Geko]

What about the latest requirement, they now need proof of where the money in your Thai bank account has come from.
I had issue last time I applied for a visa, asked at bank for letter proving where the money had come from but only got something saying that the money had been in for more than 3 months.

[Nereus]

What about the latest requirement, they now need proof of where the money in your Thai bank account has come from.
I had issue last time I applied for a visa, asked at bank for letter proving where the money had come from but only got something saying that the money had been in for more than 3 months.

Where has this come from? I just did my extension a couple of weeks ago and I was not asked. However, I believe it is just a matter of time before they do ask! I have been using this method for the last 10 years or more, but I do have it on a Term Deposit, not a savings account. I use a different book and account, both to bring money in, and living expenses.

[StevePIraq]

What about the latest requirement, they now need proof of where the money in your Thai bank account has come from.
I had issue last time I applied for a visa, asked at bank for letter proving where the money had come from but only got something saying that the money had been in for more than 3 months.

People are saying you must show proof, this is bull, there is no requirement for this and it is not stated anywhere that I know of. You are only required to provide a bank letter confirming you have had the money in the bank for 90 days.

[Big Boy]

What about the latest requirement, they now need proof of where the money in your Thai bank account has come from.

This is just another assumption by the scaremongers. I keep saying it, I don't think the Thai Authorities expected such a reaction from the world's embassies. Not even the Thais know yet. Everybody has an opinion, me included. Some of us will have guessed it right, but until there's an announcement, take it all with a pinch of salt.

The latest response from the Danes should bring this all to a head very quickly.

[laser]

I do not know if the Thai Banks would do this...
Borrow Baht 800000 from bank, bank to freeze money so withdrawal cannot be made ( Banks money is safe)....
Is this practical, acceptable and a way round the Visa problem for some people or have I got my logic wrong...

As an alien you may get a 800 K/3 months bridging/short term loan + a stament from a bank. Provided that you have a large deposit with them, and can convince them. They certainly would 'freeze' a portion of your money to secure their 800 K + interest + fees + penalties, in case you would not repay the loan. That's what banks regard safe money. A mortgage on your house is not quite that, recalling the lessons of the last US property bubble burst.

Of course, one able & willing, can find several ways to get around the TI rules. Vice versa, TI able & willing, can create simple and effective rules to practically eliminate abuses.