Renew retirement Visa

[lomuamart]

I've never used the savings route, but from what I understand you just ask for confirmation of your account balance for Imm purposes. Your bank should know what to put as it's a frequent request of all banks.
Others may know more.

[Big Boy]

Do the banks charge for this service?

I had been thinking that I'd go the proof of earnings route, but the Embassy route is not cheap. If the savings route offers a cheaper alternative, it has to be worth considering. It could also do away with the need to visit Bangkok more often than absolutely necessary.

[pitsch]

I think, the Hua Hin banks all know what to do. In Pranburi they don't know it and said I should got to Hua Hin. Bangkok Bank charges 100 Baht.

[moja]

Every bank has a its own system so it seems. Our bank will issue the letter whislt you wait but our friend has to wait a few days for the letter to come from Bangkok so it is very dependant on who your account is with. All banks in the Hua Hin area will know what you need.

[lomuamart]

BB,
At face value, the savings route (assuming you pay your bank around 100THB), is infinitely cheaper than getting an Emb letter at some 2,350 (if I remember correctly). Plus the transport to the Emb and kicking your heels for a few hours. It'll all depend on whether you want to tie money up here.
It also has to be said that if you're drawing on the 800K+ to live during the year and then topping up before second extension date, as opposed to using ATMs to get cash from the UK, you'll save bundles as well. I reckon that I pay around 500 GBP a year in charges from my UK bank and the 150 THB a pop from Thai banks as I'm using an overseas card. I use the ATM four times a month.
If you use the ATM from the bank you choose here, you'll pay nothing except for a transfer fee from the UK maybe once a year.

[georgy]

The banks know when you ask for that letter which is issued in a few minutes.
SCB charges 200.

[easyas]

K-Bank couldn't issue today - computer problem apparently! 100 baht charged nevertheless! Should be OK tomorrow - another battle with the Market Village car park!
8% currently on offer for 12 month term deposit = 64,000 baht on 800,000 baht deposited.

[pitsch]

The 8% is only a trick. According to their homepage the maximum rate is 2.65% for 12 month. But there is a step-up fixed deposit which starts with 1.75% for the first 3 month and 8% is only for the last month.

[Roel]

It is not a trick, it is called marketing
Gives you the chance to print posters with a huge "8%" on it.

As Pitsch said Kasikorn one year fixed currently 2.65%. (Bangkok Bank and SCB offer 3.00%)

You probably saw this Kasikorn offer:
month 1 - 3 1.75% p.a.
month 4 - 6 2.00% p.a
month 7 - 9 3.75% p.a
month 10 - 12 5.00% p.a.
month 13 8.00% p.a.

Your yield on 800,000 after thirteen months is 25,783 after tax.
A little more if they pay interest on interest but I do not think they do.
PS Bank will automatically deduct 15% tax from the interest as required by law.

By the way offer is valid until 31st March 2012.

[buksida]

As Pitsch said Kasikorn one year fixed currently 2.65%.

Can confirm that, have a 6 month with them at 2.3%. Also confirm the 15% tax deduction.

I think the correct term is "marketing trick" ... or in our language "false advertising"

[Roel]

Nothing false about it. The advert states clearly and exactly what the deal is.
Call it misleading but I think they can make the 8% as prominent as they like.
But this thread was of course about renewing a retirement visa.