Bank Account for the 800000 baht

[kickstart]

8 hours ago, Jumbo1968 said:

Which IO was this, I will be using Jomtien so just trying to get some clarity or is it down to the individual IO ?

Salarburi office. 

[brianthainess]

On 11/15/2018 at 6:00 PM, wgdanson said:

Be careful if you have just Bht 800,000. If you withdraw first, it drops below. Do the deposit first. I do it via online banking, 1000 in then 1000 out.

Just deposit 100 Baht.

[brianthainess]

On 11/16/2018 at 8:54 AM, Jumbo1968 said:

There appears to be different interpretations of the type of Bank Account by I.O. Offices, some say you have to show some sort of activity in the account others not.

i would be using Jomtien, could I show the 800000 baht in a Fixed Account but with access but also my day to day account showing deposits and withdrawals.

 

[brianthainess]

The reason for making a transaction on the day you apply for visa is to update your bankbook to that day. the letter from the bank is only for the day before. Told to me buy my very helpful bank staff at the Ayudhya Bank.

Edited November 17, 2018 by brianthainess
add content

[brianthainess]

16 hours ago, Jumbo1968 said:

I enquired at Krungsri today, 1.3% per annum, 2 withdrawals permitted each month, any additional withdrawals in a month 50 baht.

To open an account you need a U.K. Address, address here, 100k baht.

You need a one year visa and address here

[KittenKong]

7 minutes ago, brianthainess said:

You need a one year visa and address here

No, you certainly do not need a one year visa to open an account with Krungsri. However, some branches are more awake and helpful than others, so you may need to ask several.

[brianthainess]

Just now, KittenKong said:

No, you certainly do not need a one year visa to open an account with Krungsri. However, some branches are more awake and helpful than others, so you may need to ask several.

I was referring to the "Mee Tae Dai" account that pays interest not the bog standard savings acc that a tourist can open

[KittenKong]

53 minutes ago, brianthainess said:

I was referring to the "Mee Tae Dai" account that pays interest not the bog standard savings acc that a tourist can open

A friend of mine was recently offered this account. He has no long visa.

 

Rules do vary according to the branch though: the same friend was told by another branch that he couldn't have an FCD account without a work permit but the next branch he went to opened one without any problems at all.

 

And even the "bog standard" savings account pays some interest.

Edited November 17, 2018 by KittenKong

[Pib]

Branch by branch a person can get a different result....TiT.

 

In my book a branch that simply don't want to open an account for a farang is the worst kind.  Followed by a branch that says you need some BIG amount to open the account and/or also says a farang can't get their basic Bt200-300 (or maybe free) annual fee debit card but has to get a premium debit card which runs in the Bt500-1000 annual fee range and comes with some extra benefits that are hard to take advantage of.

 

Some branches simply try to price gouge and/or simply don't want a farang business. 

 

But with that being said I feel the majority of branches treat farangs fairly....just plenty that don't.

[PAWNEESE]

4 hours ago, brianthainess said:

The reason for making a transaction on the day you apply for visa is to update your bankbook to that day. the letter from the bank is only for the day before. Told to me buy my very helpful bank staff at the Ayudhya Bank.

I am no expert .. but I have always assumed the purpose of the required bank letter (not just showing your account book) is to document the money has correctly been seasoned. But it does no harm to show it was still there that renewal day I guess. I might do that .. add 100 baht to show 800k + 100 that day. No calculator to hand to do that "sum".????

 

I can imagine the night after a visa renewal .. when someone becomes able to start spending the 800k acquiring a name ... errrrr ummm Visa Renewed Pi$$ Up Party. Errrr not very catchy that. No good for me though .. I got no friends ????????????????????????

Edited November 17, 2018 by PAWNEESE

[roobaa01]

jomtien favors the fixed deposit solution.

 

wbr

roobaa01

[Pib]

3 hours ago, PAWNEESE said:

I am no expert .. but I have always assumed the purpose of the required bank letter (not just showing your account book) is to document the money has correctly been seasoned. But it does no harm to show it was still there that renewal day I guess. I might do that .. add 100 baht to show 800k + 100 that day. No calculator to hand to do that "sum".????

 

I can imagine the night after a visa renewal .. when someone becomes able to start spending the 800k acquiring a name ... errrrr ummm Visa Renewed Pi$$ Up Party. Errrr not very catchy that. No good for me though .. I got no friends ????????????????????????

The bank letter does "not" address seasoning of money....like saying Bt800K has been in the account for at least 3 months.  The bank letter just confirms there is an account in your name, account number XYZ, branch the account is at, the balance as of the letter date, how long you have had a banking relationship with the bank, etc.   

 

It does "not" say the money has been seasoned for X-months.  It's really just certification you indeed have an account with the bank....apparently just producing a passbook is not proof enough for immigration.  

 

The immigration officer confirms you have met the seasoning requirement from review of the passbook entries/transactions.

 

[simoh1490]

1 minute ago, Pib said:

The bank letter does "not" address seasoning of money....like saying Bt800K has been in the account for at least 3 months.  The bank letter just confirms there is an account in your name, account number XYZ, branch the account is at, the balance as of the letter date, how long you have had a banking relationship with the bank, etc.   

 

It does "not" say the money has been seasoned for X-months.  It's really just certification you indeed have an account with the bank....apparently just producing a passbook is not proof enough for immigration.  

 

The immigration officer confirms you have met the seasoning requirement from review of the passbook entries/transactions.

 

Any and every letter I have asked my bank to produce for Immigration has always shown the total relationship balance as at the last day of the past three months, as well as the balance as of the date of the letter.

[skatewash]

3 minutes ago, simoh1490 said:

Any and every letter I have asked my bank to produce for Immigration has always shown the total relationship balance as at the last day of the past three months, as well as the balance as of the date of the letter.

But Pib's point is that it still up to the immigration officer go through either your passbook itself of a statement from the bank to make sure that at no point in the 3-month seasoning period did your balance drop below the required minimum.  The bank letter by itself doesn't make that claim, at least none of my 5 previous letters from 2 different banks have made that claim.  The bank letter just gives a balance as of a particular date, the date of the letter, and the fact that you have an account at that bank with details of that account.  It's specifically not saying "and we have checked this account and the balance has never dropped below the required minimum balance."  It could, in theory, say that but I've never seen one do it and moreover, the immigration officials (at least in Phuket) have never insisted on seeing that sort of claim from the bank letter.  They do insist on seeing a bank-certified (stamped) statement covering the 3-month seasoning period, and they often thumb through the passbook itself to see if the balance ever dropped below the cut-off during the relevant period.

[Pib]

Each year when I submit my bank letter with passbook for my retirement extension of stay renewal the IO spends about one second looking at the letter and then spends 30 seconds or so looking at the passbook transactions going back at least 3 months to ensure the balance never dropped below Bt800K.  It's the passbook that's key.  

 

I've always wondered why they even want a bank letter since the passbook is the most important document.  Probably to help confirm the passbook is not fake, having a banking relationship of X-amount of time (i.e., the account is at least 3 months old in order to season funds at least 3 months), etc.  Help reduce the possibly of fraudulent documents as the letter will have a bank POC and phone number the immigration officer could call to confirm the letter/passbook is genuine.  

[simoh1490]

2 minutes ago, Pib said:

Each year when I submit my bank letter with passbook for my retirement extension of stay renewal the IO spends about one second looking at the letter and then spends 30 seconds or so looking at the passbook transactions going back at least 3 months to ensure the balance never dropped below Bt800K.  It's the passbook that's key.  

 

I've always wondered why they even want a bank letter since the passbook is the most important document.  Probably to help confirm the passbook is not fake, having a banking relationship of X-amount of time (i.e., the account is at least 3 months old in order to season funds at least 3 months), etc.  Help reduce the possibly of fraudulent documents as the letter will have a bank POC and phone number the immigration officer could call to confirm the letter/passbook is genuine.  

Belt and braces.

[joevanwyck]

4 minutes ago, Pib said:

Each year when I submit my bank letter with passbook for my retirement extension of stay renewal the IO spends about one second looking at the letter and then spends 30 seconds or so looking at the passbook transactions going back at least 3 months to ensure the balance never dropped below Bt800K.  It's the passbook that's key.  

 

I've always wondered why they even want a bank letter since the passbook is the most important document.  Probably to help confirm the passbook is not fake, having a banking relationship of X-amount of time (i.e., the account is at least 3 months old in order to season funds at least 3 months), etc.  Help reduce the possibly of fraudulent documents as the letter will have a bank POC and phone number the immigration officer could call to confirm the letter/passbook is genuine.  

Thank you post., That is the method I will be using from now on.

[skatewash]

21 minutes ago, Pib said:

Each year when I submit my bank letter with passbook for my retirement extension of stay renewal the IO spends about one second looking at the letter and then spends 30 seconds or so looking at the passbook transactions going back at least 3 months to ensure the balance never dropped below Bt800K.  It's the passbook that's key.  

 

I've always wondered why they even want a bank letter since the passbook is the most important document.  Probably to help confirm the passbook is not fake, having a banking relationship of X-amount of time (i.e., the account is at least 3 months old in order to season funds at least 3 months), etc.  Help reduce the possibly of fraudulent documents as the letter will have a bank POC and phone number the immigration officer could call to confirm the letter/passbook is genuine.  

Here's why the bank statement is superior to the passbook.  Most passbooks only get updated when you use counter service or do it at the update machines.  If there has been a lot of activity between updates then you will sometimes see a consolidated entry.  That is, an entry that shows the net effect of the transactions between two dates but doesn't actually show each transaction.  Well, if an immigration officer sees a consolidated entry in your passbook he cannot ascertain if the balance ever dropped below the minimum required during the period of the consolidation.  The bank statement doesn't suffer the same deficiency as it shows all the transactions, a running balance after each one.

If the IO gets your bank-certified bank statement and still wants to see your passbook, that's belt and suspenders ????

[moontang]

On 11/16/2018 at 6:06 PM, Kerryd said:

I have a Fixed Term account with Bangkok Bank which auto-renews yearly at 1.5%.

I have never had a problem renewing my Extensions (in Jomtien) and showing a bank book that only has the initial deposit into the account, and the balance update (the day before I go for the renewal).

I have never been told I needed to show "activity" on the account.
They know the difference between a "Fixed Term" and a "Savings" account (though it seems some foreigners can't figure that out - just like they can't figure out the difference between a "Savings" account and a "Chequing" account).
The interest I earn can go into my Savings account automatically if I choose or be rolled over in the Fixed Term account. 

On 800,000 baht, you'd earn 12,000 baht in interest minus 2,000 in tax.
That leaves you with 10.000 baht which is more than enough to pay for your yearly Extension as well as a Multi Re-entry permit (5,700 baht total) and leave you enough for a decent night out on the town (or pay your electricity bill for a couple months maybe).

And yes - if you get a Fixed Term deposit at a promotional rate for a set period of time, at the end of that time it will renew at the standard rate. It isn't a "rip-off" just because you didn't check on it or ask about it before hand. I used to do those "Promotional Rate" deposits for years and it has always been like that. Bangkok Bank used to (maybe still does) "promotional" rates on Fixed Term deposits that were usually either 7 month or 11 months in length (not 6 and 12 for some unknown reason). If I wasn't around when the term ended, the interest would be paid and then the balance would get the "standard" interest rate (on 3 month "terms") until I started a new "promotional rate" account. 

And that is NO different than "promotional rate" accounts offered in some Western Banks - where you have to maintain a certain amount on deposit, or make regular deposits of at least a certain amount, or you lose the "promotional" rate and get the much lower, "standard" rate. (Yes, I've looked - because I also have money sitting in accounts back home that are not earning a lot.)

<snipped> 

Like I told dear old dad when he came over here 10 years ago. Having the 800k in the bank gives you peace of mind knowing that it's always there for your Extensions, or if you have a medical emergency, or if for some reason you decide to pack up and move back home - you'd have a decent nest egg to tide you over until you are resettled.

(And when he passed on - his Thai "companion" wasn't able to get at that money at all.)

And no - banks are not rubbing their hands together just waiting for you to put the cash in the bank so they can steal it from you. It's not even an urban legend - it's just plain bull**** but some people will grasp onto any excuse for why they can't - er, I mean "won't" - put money in a Thai bank.

 

There's a far better chance that your "relatives" will steal your money because they know your PIN and you leave your ATM card laying around all the time (but even they couldn't touch a Fixed Term account - you'd have to be there in person to make any changes to it.)

They don't issue ATM cards for Fixed Term accounts (at least not at Bangkok Bank) and even if you have internet banking and have the account listed - you can't make transfers
to/from it (I know - I have that with my accounts. I can check the balance on my Fixed Term account(s), check the interest rate(s), see if an interest payment has been made and that's it.)

Personally - I have the 800k in the Fixed Term account, the bank book is locked in the safe (and only I know the combo) and I forget about until the next time I go do my Extension. The day before I do the Extension I get the bankbook (and my passport) from the safe - go to the bank to update the book and get my Bank Letter, photocopy the pages of the bank book (showing your name and account number and the page showing the latest balance update), put the bank book back in the safe and forget about it for another year. (Though I will glance at the balance when I'm doing some internet banking, to see if the latest interest payment has been made.)

It really doesn't get much easier than that.

you are renewed at the current rate, at the time of renewal....you have no guarantee of what the rate will be in the future.   BBL has recently fallen more in line with the others, but never the best.

[Pib]

15 minutes ago, skatewash said:

Here's why the bank statement is superior to the passbook.  Most passbooks only get updated when you use counter service or do it at the update machines.  If there has been a lot of activity between updates then you will sometimes see a consolidated entry.  That is, an entry that shows the net effect of the transactions between two dates but doesn't actually show each transaction.  Well, if an immigration officer sees a consolidated entry in your passbook he cannot ascertain if the balance ever dropped below the minimum required during the period of the consolidation.  The bank statement doesn't suffer the same deficiency as it shows all the transactions, a running balance after each one.

If the IO gets your bank-certified bank statement and still wants to see your passbook, that's belt and suspenders ????

Yeap, such a bank generated and certified statement would be better since passbook transactions can be consolidated if you haven't updated your passbook for a while. 

 

I make it a point to update my passbook several times during the 3-4 month period before the date I plan to apply.  That way I avoid any consolidated entry during the seasoning period....every transaction will appear (if there are any to appear).    I say "if there are any to appear" because with "fixed" accounts where a person just has a lump sum setting there may not be any transactions as the fixed account has not matured yet where interest is paid which would reflect a transaction 

 

But with my current non-fixed account which pays interest monthly and deducts a SMS service fee, I have at least two transactions per month even when I do not withdraw or add money to the account. 

 

Plus I take along a printout from my ibanking that shows every transaction "just in case"....it's not certified but it may be enough if an IO ever asks about transaction activity---which they have never done for the 8 or so years I've been using this Bt800K in a Thai bank method with either Bangkok Bank "fixed" savings accounts I use to use or Krungsri Mee Tae Dai saving account I've used for the last several years.    

 

[hereforgood]

On 11/15/2018 at 5:46 PM, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

I have never had to take any money out I have had it sit in the account without any withdrawals and it's always accepted without any activity for the last few years no problem. That's the problem sometimes they may ask you other times they may not care you never know what you're up against everybody does things different here at immigration it's unfortunate

[jacko45k]

On 11/16/2018 at 10:26 AM, Jumbo1968 said:

Which IO was this, I will be using Jomtien so just trying to get some clarity or is it down to the individual IO ?

Never had an issue in Jomtiem of having to mess about like this.

Bank letter based on my savings account always kept somewhat above 800k, day to day expenses and bill payments on it. 

Edited November 29, 2018 by jacko45k

[Robins]

On 11/15/2018 at 5:46 PM, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

No insult to you, but how idiotic can they get?  What the xxxx is the letter from the the bank for for then?   If it wasn't your money the bank wouldn't write the letter with your name on it. This nonsense is getting old very fast.  My plan was to put the money and a slight cushion in the bank and leave it there until I'm ready to leave this place.  Like most pensions mine can only be deposited into a bank in my home country and I pull it out here by ATM.  (yea I know expensive but convenient) 

Edited December 19, 2018 by Robins

[jacko45k]

10 minutes ago, Robins said:

No insult to you, but how idiotic can they get?  What the xxxx is the letter from the the bank for for then?   If it wasn't your money the bank wouldn't write the letter with your name on it. This nonsense is getting old very fast.  My plan was to put the money and a slight cushion in the bank and leave it there until I'm ready to leave this place.  Like most pensions mine can only be deposited into a bank in my home country and I pull it out here by ATM.  (yea I know expensive but convenient) 

I am not sure Jomtiem always obligate this. I had not done it previously and never had a problem, but when I heard a few friends say they had been sent from immigration to the bank to  withdraw or deposit a small amount and then get their books updated again I decided I would do it anyhow. It seemed expedient. 

Edited December 19, 2018 by jacko45k

[Swiss1960]

No insult to you, but how idiotic can they get?  What the xxxx is the letter from the the bank for for then?   If it wasn't your money the bank wouldn't write the letter with your name on it. This nonsense is getting old very fast.  My plan was to put the money and a slight cushion in the bank and leave it there until I'm ready to leave this place.  Like most pensions mine can only be deposited into a bank in my home country and I pull it out here by ATM.  (yea I know expensive but convenient) 

Don't see why there is s problem:

I have to go to the bank anyway. I have to have them update the bank book anyway. Two more transactions cost me 2 more minutes of my precious time, could be cut to half if I would only do the withdrawal transaction. Then wait for the bank letter and staff doing all the copies they need, approx 10 minutes.

Enough time for some innocent flirting with my acct manager and drink the offered coffee.

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[Ravi98008]

On 11/16/2018 at 6:06 PM, Kerryd said:

I have a Fixed Term account with Bangkok Bank which auto-renews yearly at 1.5%.

I have never had a problem renewing my Extensions (in Jomtien) and showing a bank book that only has the initial deposit into the account, and the balance update (the day before I go for the renewal).

I have never been told I needed to show "activity" on the account.
They know the difference between a "Fixed Term" and a "Savings" account (though it seems some foreigners can't figure that out - just like they can't figure out the difference between a "Savings" account and a "Chequing" account).
The interest I earn can go into my Savings account automatically if I choose or be rolled over in the Fixed Term account. 

On 800,000 baht, you'd earn 12,000 baht in interest minus 2,000 in tax.
That leaves you with 10.000 baht which is more than enough to pay for your yearly Extension as well as a Multi Re-entry permit (5,700 baht total) and leave you enough for a decent night out on the town (or pay your electricity bill for a couple months maybe).

And yes - if you get a Fixed Term deposit at a promotional rate for a set period of time, at the end of that time it will renew at the standard rate. It isn't a "rip-off" just because you didn't check on it or ask about it before hand. I used to do those "Promotional Rate" deposits for years and it has always been like that. Bangkok Bank used to (maybe still does) "promotional" rates on Fixed Term deposits that were usually either 7 month or 11 months in length (not 6 and 12 for some unknown reason). If I wasn't around when the term ended, the interest would be paid and then the balance would get the "standard" interest rate (on 3 month "terms") until I started a new "promotional rate" account. 

And that is NO different than "promotional rate" accounts offered in some Western Banks - where you have to maintain a certain amount on deposit, or make regular deposits of at least a certain amount, or you lose the "promotional" rate and get the much lower, "standard" rate. (Yes, I've looked - because I also have money sitting in accounts back home that are not earning a lot.)

<snipped> 

Like I told dear old dad when he came over here 10 years ago. Having the 800k in the bank gives you peace of mind knowing that it's always there for your Extensions, or if you have a medical emergency, or if for some reason you decide to pack up and move back home - you'd have a decent nest egg to tide you over until you are resettled.

(And when he passed on - his Thai "companion" wasn't able to get at that money at all.)

And no - banks are not rubbing their hands together just waiting for you to put the cash in the bank so they can steal it from you. It's not even an urban legend - it's just plain bull**** but some people will grasp onto any excuse for why they can't - er, I mean "won't" - put money in a Thai bank.

 

There's a far better chance that your "relatives" will steal your money because they know your PIN and you leave your ATM card laying around all the time (but even they couldn't touch a Fixed Term account - you'd have to be there in person to make any changes to it.)

They don't issue ATM cards for Fixed Term accounts (at least not at Bangkok Bank) and even if you have internet banking and have the account listed - you can't make transfers
to/from it (I know - I have that with my accounts. I can check the balance on my Fixed Term account(s), check the interest rate(s), see if an interest payment has been made and that's it.)

Personally - I have the 800k in the Fixed Term account, the bank book is locked in the safe (and only I know the combo) and I forget about until the next time I go do my Extension. The day before I do the Extension I get the bankbook (and my passport) from the safe - go to the bank to update the book and get my Bank Letter, photocopy the pages of the bank book (showing your name and account number and the page showing the latest balance update), put the bank book back in the safe and forget about it for another year. (Though I will glance at the balance when I'm doing some internet banking, to see if the latest interest payment has been made.)

It really doesn't get much easier than that.

I was planning to do exactly what Kerryd mentioned in this post.  After I was stamped a one year extension on my passport, I withdrew 801,000 Bhat and opened a fixed account in Bangkok bank for 12 months.  Expires 25 April 2020.

My extension expires 20 April 2020.

If I followed what Kerryd did in Chiang Mai Immigration office which is not do any withdraw/deposit to my Bangkok bank Fixed deposit account, and apply for extension in 2020 Will Chiang Mai Immigration issue me the extension??.

I read a few replies to the OP by members like Kerryd that said that they never had to do a withdraw/deposit, But they didn't mention the Immigration office they do business with.  Finally if I withdrew a thousand and put back the same on the same day around 9 months into the 12 months Fixed deposit account I will loose the entire interest earned and defeat the whole purpose of opening a fixed deposit account .  What should I do? My extension expires 9 months from now.