Savings Account vs. Fixed Account

[NanYar]

I'm on my first Non-Immigrant-O-A (LongStay) Visa. The Visa was issued in Germany by the Thai Consulate General in Frankfurt. I'm now in Thailand and the date of the Entry Stamp is the "13 July 2017".
My question:
Does it not matter when I apply later on for an extension of stay based upon retirement issued by an immigration office in Thailand whether the money in the Thai Bank is on a Savings Account or on a Fixed Account?

Edited September 5, 2017 by NanYar

[Langsuan Man]

Since you are still on your first year of your O-A Non Immigrant Visa  do a border run just prior to the "admitted until" date and upon return to Thailand you will have another year until you need to worry about getting an extension of stay and having the money in a Thai Bank or Income verification,  for an extension of stay

 

An O-A Visa can be "stretched" to cover two years by proper planning 

 

Others can give you advice on what type of account you must have here in Thailand if you decide to go the Thai bank  route later on  

 

 

[Maestro]

2 hours ago, NanYar said:

Does it not matter when I apply later on for an extension of stay based upon retirement issued by an immigration office in Thailand whether the money in the Thai Bank is on a Savings Account or on a Fixed Account?

It does not matter.

[allane]

Fixed deposits must be of the type which are not locked in. (The money must be available at any time.) Look for a statement such as this in the bankbook: "No interest will be paid on funds withdrawn before the maturity date." That tells you that funds can be withdrawn at any time.

[soisanuk]

1 hour ago, allane said:

Fixed deposits must be of the type which are not locked in. (The money must be available at any time.) Look for a statement such as this in the bankbook: "No interest will be paid on funds withdrawn before the maturity date." That tells you that funds can be withdrawn at any time.

Correct, but can only speak for Chonburi (Pattaya) Immigration.  I imagine it is the same for other Offices - but since each play by their own rules, you may want to check with Immigration Office where you will do your extension.

 

As mentioned by others, if you leave and re-enter Thailand before the expiration of your O-A Visa (enter by date on the Visa), you will get another 1 year permission to stay when you re-enter.

 

[YetAnother]

others can confirm or correct; i believe the account has to be solely in your name

[overherebc]

15 minutes ago, YetAnother said:

others can confirm or correct; i believe the account has to be solely in your name

Yes. No joint acc' allowed.

[boonchu]

I have used a fixed bank account, in my name , for 12 years and never a problem.

[English Engineer]

You can also hold funds in a multicurrency account providing it is held here in thai bank. Useful if the current rate of exchange is bad.

[Dene16]

Does not matter but, simply, a fixed account will give you a higher rate of interest 

[Fallangpakwan]

I am about to go that way for long term visa, since I stopped working here I have been on Tourist visas. The fixed deposit we are talking about here is B800,000 is it not??

[ubonjoe]

3 minutes ago, Fallangpakwan said:

I am about to go that way for long term visa, since I stopped working here I have been on Tourist visas. The fixed deposit we are talking about here is B800,000 is it not??

Yes it is for the 800k baht required to apply for an extension of stay based upon retirement.

[allane]

Posts 6 and 7 are irrelevant. The OP is seeking a retirement visa. If he wanted someone else to drain his bank account, he would be getting a marriage visa.

[Fallangpakwan]

24 minutes ago, ubonjoe said:

Yes it is for the 800k baht required to apply for an extension of stay based upon retirement.

Thanks Ubonjoe

[ubonjoe]

18 minutes ago, allane said:

Posts 6 and 7 are irrelevant. The OP is seeking a retirement visa. If he wanted someone else to drain his bank account, he would be getting a marriage visa.

The account must be in the applicant's name only for an extension based upon retirement or marriage.

There are a few offices that allow it for retirement but they require 1.6 million baht  to be in the account.

[khunPer]

13 hours ago, NanYar said:

Does it not matter when I apply later on for an extension of stay based upon retirement issued by an immigration office in Thailand whether the money in the Thai Bank is on a Savings Account or on a Fixed Account?

Normally you can use a fixed account (better interest), as long as you can withdraw the money at any time; which you often can from a fixed account, but loosing all interest...

[NanYar]

6 hours ago, allane said:

Posts 6 and 7 are irrelevant. The OP is seeking a retirement visa. If he wanted someone else to drain his bank account, he would be getting a marriage visa.

Nevertheless I'm thankful for this posts too, because my German wife and I have unfortunately opened a joint account here. So I understand we have to split this account again to go for sure :-|

Edited September 6, 2017 by NanYar

[PoorSucker]

28 minutes ago, NanYar said:

Nevertheless I'm thankful for this posts too, because my German wife and I have unfortunately opened a joint account here. So I understand we have to split this account again to go for sure :-|

Correct.

[Aussieroaming]

15 hours ago, overherebc said:

Yes. No joint acc' allowed.

My wife and I have used our joint account for both retirement and marriage visa extentions, is the long stay somehow different? But like others have mentioned the rules seem to be flexible from one immigration office to the other, so maybe they were lenient on us.

[Aussieroaming]

12 hours ago, ubonjoe said:

The account must be in the applicant's name only for an extension based upon retirement or marriage.

There are a few offices that allow it for retirement but they require 1.6 million baht  to be in the account.

Joe, I did have more than 1.6M but I've used my joint account for both marriage and retirement extensions. I've never had a bank account in Thailand only in my name. all done in Bangkok, so maybe they didnt pick it up. I was applying for a renual of the marriage extension and i didnt have all the paperwork in order, so they were the ones that told me to go the retirement path instead because it was more straightforward.