Putting 800k in "fixed" account is OK to satisfy getting retirement extension?

[homeseeker]

Can anyone confirm or otherwise that if the 800,000 baht needed for retirement extension is brought from abroad and placed in a fixed deposit account (6 or 7 months/Bangkok Bank) that will be alright to satisfy the 3 month rule to get the extension at CW.

The type of 'fixed deposit' is one where the money in the fixed deposit can be withdrawn at any time, but early withdrawal means no interest paid.

 

Thank you for any assistance.

Edited October 11, 2018 by homeseeker

[Lungstib]

Yes, a fixed account which with the Bangkok Bank is an orange book. 

[ubonjoe]

 A fixed deposit account will be accepted at the majority of immigration offices.

There are a few offices that want to see activity in the account to show you are using it to live on. Having another account with some activity or other proof of the funds you are living on will be accepted to resolve the problem.

[Jingthing]

There are some recent reports that Jomtien immigration is demanding some activity on 800K baht accounts, deposits and withdrawals. But the reports are not coherent. Some have said just taking out 100 baht on the day of the bank statement will be OK. It's not really clear what their issue is. Perhaps to inquire as to where your SPENDING is coming from. If so, bring evidence of another account where the SPENDING is coming from. 

Edited October 12, 2018 by Jingthing

[TSF]

I've been getting my annual retirement ext in Pattaya using the 800,000 Bt in a Thai account for the past decade. For a long time I had the money in fixed term accounts, usually 1 year, with UOB. But a couple years ago UOB dropped the interest and I found I could get pretty much the same rate with an account at Krungsri (the yellow bank) it pays a reasonable interest and it's not fixed term, so interest is paid into the same account monthly and I can withdraw sums at any time without losing interest. Never had an issue with immigration.

[MichaelJohn]

The key for me is that the money is available at any time (i.e. you can access it but lose the interest).

If it's fixed and not accessible then it's not accepted.

[Maestro]

Removed two off-topic posts and the replies to them.

[suzannegoh]

23 hours ago, MichaelJohn said:

The key for me is that the money is available at any time (i.e. you can access it but lose the interest).

If it's fixed and not accessible then it's not accepted.

But typically money in a "fixed" account is accessible.  You can take it out at any time it's just that if you take it out before maturity you forfeit interest.

[Wallander4]

1.3 % at TMB and you can withdraw 2 times per month without losing interest - beats BKK Bank any day

[Vacuum]

23 minutes ago, Wallander4 said:

1.3 % at TMB and you can withdraw 2 times per month without losing interest - beats BKK Bank any day

I have a fixed account (12 month) at BKK Bank 1.5 %.

[malagateddy]

I have an instant access, interest paying saving account with Bangkok Bank.
Well over 800000 baht in it for over 3 months prior to retirement extension renewal.
My UK Govt pittance is paid into it every 4 weeks.
I " play " with it to show withdrawals/deposits as Immigration like to see " movement " in the account.

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[whaleboneman]

With the interest on all that money tied up for a year you can...well at least have one night on the town. And Vacuum - you can get breakfast in the morning too.

[sadherbert]

The important point using a fixed deposit account for the visa is that the money is accessible. I have the bank (BBL for me) attach the terms and conditions of the deposit showing that the money is accessible with only loss of interest to their letter certifying the balance.

[Antonymous]

1 hour ago, Wallander4 said:

1.3 % at TMB and you can withdraw 2 times per month without losing interest - beats BKK Bank any day

And at the moment it is 1.6% in TMB's 'No Fixed Account' if you maintain over 2,000,000 baht in the acount. No limit on withdrawals.

[Jdmagpie]

I was told by thai embassy in sydney you don't have to put it in thai bank as long as you have equivalent funds in your own bank account at home. 

[ubonjoe]

18 minutes ago, Jdmagpie said:

I was told by thai embassy in sydney you don't have to put it in thai bank as long as you have equivalent funds in your own bank account at home. 

That would be to apply for a OA long stay visa there since they are a official Thai consulate (the embassy is in Canberra).

For an extension of stay applied for at immigration here it has to be in a Thai bank.

[murraynz]

1 hour ago, whaleboneman said:

With the interest on all that money tied up for a year you can...well at least have one night on the town. And Vacuum - you can get breakfast in the morning too.

remember that tax is deducted, also---its hardly worth the effort...but having it readily available, incase of sickness etc, is invaluable..

[tgeezer]

I have a yearly term deposit of 800,000 Bt. In the bank. It gives better interest rate than I think I could get in UK so no loss to me. The requirement to have had a minimum of 800,000 Bt for three months before renewal of Permission to Stay (PTS) means that it can’t be drawn from, so I take my savings account book with me in case I have to satisfy any personal curiosity an IO may have.
A new fixed term deposit book was issued to me less that three months before renewal of PTS last time and the supervising IO was not prepared to check the record of the previous year’s application which made a second attempt at renewal necessary the following day.
The whole system has taken on a life of its own and the purpose of these requirements completely lost in a maelstrom of paperwork it seems to me.



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[khunPer]

To OP: Yes – it works well for me.

 

By the way, the money for extension of stay based on retirement don't need to come from abroad, so you can shop around banks for best fixed deposit rates; just make sure that the money stays in same account during the 3 month mature-period before application of extended stay, as the Immigration officer might get confused with two accounts.

 

I also use ubonjoe's advise with multiple accounts, having one for ongoing expenses; ATM withdrawals; and foreign transfer; and I show both at the Immigration for transparency, and to avoid questions. If both accounts are in the same bank, the bank might put both account in one confirmation letter, but you'll be charged for two 3-month statements, normally 100-baht each.

????

[Kerryd]

3 hours ago, Vacuum said:

I have a fixed account (12 month) at BKK Bank 1.5 %.

I have the same. They used to have weird terms of 7 or 11 months but a year ago I was finally able to get a Fixed Term that is 12 months and auto-renews.

 

Just had my first interest deposit on that yearly account, 15,000 baht (I have 1 mil in the account). Minus the tax (2,500) leaves 12,500 left over so that works out to 1.25% net interest.

 

Immigration (In Jomtien) has no problem with that money sitting in that account untouched, so long as I have a current Letter from the bank and the passbook is updated (within a day or 2).
It seems the tax rate is about 16.7% (ish) so on 800,000 you should get still get about 10,000 baht in net interest (after taxes).

 

More than enough to pay for your yearly Extension and a Multi Re-entry permit and still have enough left over for other things.
 

 

[MichaelJohn]

On 10/13/2018 at 9:14 AM, Vacuum said:

I have a fixed account (12 month) at BKK Bank 1.5 %.

Me Bank 1.7%

[akampa]

On ‎10‎/‎13‎/‎2018 at 11:37 AM, murraynz said:

remember that tax is deducted, also---its hardly worth the effort...but having it readily available, incase of sickness etc, is invaluable..

True but also you can get the  tax back very easily .

[tgeezer]

True but also you can get the  tax back very easily .

That is interesting, how is it done?


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[musiclover]

44 minutes ago, tgeezer said:

That is interesting, how is it done?


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Yes I can confirm that too, but a bit of hassle and Thai type paperwork is involved I  am informed by a friend who has done it here in Jomtien 

[AbeSurd]

On 10/13/2018 at 6:40 AM, Kerryd said:

They used to have weird terms of 7 or 11 months but a year ago I was finally able to get a Fixed Term that is 12 months and auto-renews.

The terms of 7 or 11 months you refer to, are called by the banks 'promotions' - during which you get an interest rate above their standard rate. At the end of the 'promotion' the account reverts to the standard rate. At Bangkok Bank that has been 0.9% or 1% for a number of years now.

 

What do you mean by a Fixed account that auto-renews? Do you know what interest rate it will renew at?

[Barb M]

 

????

Edited October 16, 2018 by Barb M
Didn't read about Extension to stay

[moontang]

4 hours ago, AbeSurd said:

The terms of 7 or 11 months you refer to, are called by the banks 'promotions' - during which you get an interest rate above their standard rate. At the end of the 'promotion' the account reverts to the standard rate. At Bangkok Bank that has been 0.9% or 1% for a number of years now.

 

What do you mean by a Fixed account that auto-renews? Do you know what interest rate it will renew at?

yes, it will "roll over" at a <deleted> rate....CIMB are paying 1.9% on a fixed, but the deal at Krungsri is probably most simple.  Recent trends indicating rates are past bottom.

[akampa]

7 hours ago, tgeezer said:

That is interesting, how is it done?


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sorry for the late response ,but it has sometime since I started to get the tax refunded ,the first thing I do is go to my bank and get them to print out the tax they deducted from the fixed interest account ,take it along to your tax office and they will sort out the paper work and issue with a tax number. It can take up to a month to receive the refund ,I sure I missed out some information but that is the essence of it. 

 

P.S there is member who told me how to get a refund ,Pib is the name

Edited October 16, 2018 by akampa

[akampa]

7 hours ago, tgeezer said:

That is interesting, how is it done?


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also check this link  

 

[moontang]

40 minutes ago, akampa said:

sorry for the late response ,but it has sometime since I started to get the tax refunded ,the first thing I do is go to my bank and get them to print out the tax they deducted from the fixed interest account ,take it along to your tax office and they will sort out the paper work and issue with a tax number. It can take up to a month to receive the refund ,I sure I missed out some information but that is the essence of it. 

 

P.S there is member who told me how to get a refund ,Pib is the name

Wait till January....also, you can do back years, but there is a 400 THB penalty...don't know if it is each year, though.  And at one point, promptpay customers could get a refund in a few days.  I have a tax ID, and yelowbook number..not really sure what they use.  Revenue Offices are often efficient and friendly, pretty much the opposite of the pig troughs many of us visit at least every 90 days.