800.000 - Can it be in a fixed deposit account?

[leverito]

Hello everybody,

does anybody know if 800.000 amount should be deposited in a bank savings account only or can be placed also in a fixed deposit account?

If this amount can be deposited only in a savings account then Thai banks will be happy to get absolutely free billions of baths... 

[CRUNCHER]

Yes it can be in fixed deposit account, but make sure it is one here you can withdraw with loss of interest.  I always do this. It saves getting mixed up with daily money.

[DrJack54]

2 minutes ago, CRUNCHER said:

Yes it can be in fixed deposit account, but make sure it is one here you can withdraw with loss of interest.  I always do this.

Exactly. Just to add "loss of interest" ONLY....no other bank charges. Like cruncher..exactly what I will do in future.

[pazza]

I have used the "fixed deposit " for about nine years, but the new(ish) io's (for about four years now want bank statements too.

 

The first couple of times I had to drive 3/4 of an hour back to the bank to get it ????

Nong Khai

[allane]

I highly recommend that you open an account at a bank near your Immigration office, to avoid this sort of problem on renewal day.  And, neverleave your renewal until the last day.

[KhunBENQ]

12 hours ago, pazza said:

I have used the "fixed deposit " for about nine years, but the new(ish) io's (for about four years now want bank statements too.

Same here in Khon Kaen.

"Fixed Deposit" account at Bangkok Bank.

[JH1967]

Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

[Kerryd]

I've been using Fixed Term deposits for years (7+) with NO problems of any kind.

Immigration at Jomtien has never had a problem as long as the bank book is updated (within a day - or if it's updated on Friday and you are in first thing Monday morning) and you have the bank letter.

 

The regular 1 year Fixed Term account at Bangkok Bank pays 1.5% per annum. On 800k that works out to 12,000 in interest minus 2,000 in taxes, leaving 10,000 net. More than enough to pay for your annual Extension as well as a Multi Re-entry permit (if required). The account auto-renews (at the same rate) every year and the interest can be deposited in your savings (or whatever) account or rolled over in the Fixed Term account. 

KrungSri I think has a 4 year fixed term that pays better (2.15% I think it was for a 48 month term) which would be a better option as it would give you about 5,000 baht more interest every year.

 

Also, some banks have "promotional" Fixed Term rates of 1.75% per annum (or more) - for the length of the "promotional" term (7 or 11 months) after which it reverts back to the basic 1%. (So you get the higher rate just for the 7 or 11 months but it's actually 7 or 11 months of what you would get if you were getting the higher rate for the whole year.)

The problem with those promotional accounts is making sure that if you are renewing them when the term(s) are due, that you make sure any new deposit will be in the account long enough to meet the 3 month "seasoning" rule. Plus it's a pain in the @** to have to keep opening a new "promotional" Fixed Term account, transfer the money from the old one, then close the old account - every time a term comes due as they can't simply use the same account and renew the deposit for a new term for some reason.

Also - keep in mind that almost every Immigration Office has different rules so you need to confirm with the office you deal with as to what is acceptable to them. 

[samtam]

As mentioned in one of the other IMM threads vis-a-vis the new regulations, I previously used a bank deposit for my THB800k application at Chaengwattana, but it was problematical, as the IO did not seem familiar with a "fixed deposit", but only with a passbook savings account. Things may have changed at CW in recent years, so I would be interested in knowing from anyone with that experience, whether Fixed Deposits are an acceptable method. 

[Justin Side]

You might have a problem opening a fixed account.

I have had a savings account at SCB for 14 years.

Also a number of fixed accounts over the years.

When I went last week to open another fixed account they refused unless I returned with my Wife who had to provide her ID card and tabien baan.

 

Looking on their website it says that you need a Work Permit to open one.

[samtam]

7 minutes ago, Kerryd said:

I've been using Fixed Term deposits for years (7+) with NO problems of any kind.

Immigration at Jomtien has never had a problem as long as the bank book is updated (within a day - or if it's updated on Friday and you are in first thing Monday morning) and you have the bank letter.

 

 

Sorry, but a bit confused here. How does your fixed deposit get processed through a "bank book"?

[Kerryd]

4 minutes ago, samtam said:

Sorry, but a bit confused here. How does your fixed deposit get processed through a "bank book"?

When you open a Fixed Term account, they give you a bank book (but not an ATM card). Some may call it a "pass book". It shows the amount deposited and the date. The day before I go for my extension I go to a bank branch and "update" the book, then photocopy the page that shows balance and new date.

 

[bender92]

34 minutes ago, JH1967 said:

Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

You get a letter from the bank stating the amount t a d how long you've had it.

[Kerryd]

13 minutes ago, Justin Side said:

You might have a problem opening a fixed account.

I have had a savings account at SCB for 14 years.

Also a number of fixed accounts over the years.

When I went last week to open another fixed account they refused unless I returned with my Wife who had to provide her ID card and tabien baan.

 

Looking on their website it says that you need a Work Permit to open one.

Actually, looking at SCB's website - it has the same requirement to open any kind of account

("Identity Verification

ID card (A foreigner using a passport and work permit,"). 
That's noted at the bottom of all the different account types it seems except for the EZ Savings "ePassbook" account.
(Lol - they must be screwed up. With that account they offer 1.2% interest on deposits of 1 to 1,000,000 baht, but if you have more than 1 million they drop the rate to 0.5% for any amount over 1 million. So if you have 3 million deposited, you'd get 1.2% on the first million, but only .5% on the other 2 mil !!)

 

 However, other banks have different rules, and even other branches of the same bank can have different rules.

 

Bangkok Bank (for example) doesn't require a work permit:
https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Fixed-Deposit-Account


 

[asiamaster]

20 minutes ago, Kerryd said:

When you open a Fixed Term account, they give you a bank book (but not an ATM card). Some may call it a "pass book". It shows the amount deposited and the date. The day before I go for my extension I go to a bank branch and "update" the book, then photocopy the page that shows balance and new date.

 

I have been doing the same for several years now. But I do ask the bank to list  both my fixed deposit (800K) and my savings account balances on the letter and provide copies of the pages of both as they do like to see some activity on the accounts. Never had a problem.

[Kerryd]

3 minutes ago, asiamaster said:

I have been doing the same for several years now. But I do ask the bank to list  both my fixed deposit (800K) and my savings account balances on the letter and provide copies of the pages of both as they do like to see some activity on the accounts. Never had a problem.

I think if you are just using a Savings Account they like to see transactions, but I've never been asked to show any transactions of any kind (other than the recent update) when using a Fixed Term.

 

But again, different offices have different rules. Even different IOs in the same office can have different interpretations of the rules and those can change depending on what kind of day they are having (or the person they are having to deal with).

[jacko45k]

54 minutes ago, JH1967 said:

Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

There is a passbook and if you stick it in the machine after a spell there is a line with current date and balance printed. Immigration are familiar with them and the bank will issue a letter which seems to cover requirements. Actually, not having transactions means there is rarely a consolidated entry , and rarer mid-term new passbook transfer. 

[KhunBENQ]

Immigration expects a very recent update of the bank book (same day, day before,...) and a corresponding letter.

Bangkok Bank can do an update without having transactions and supply the letter for this balance.

SCB is not able to do an update without transaction.

For this you should deposit(!) a small amount like 1000 Baht at the counter and then request update and bank letter.

I am quite certain that IO officers know well about the types of account (availability).

Never had a question.

 

[Aforek]

22 minutes ago, KhunBENQ said:

...

SCB is not able to do an update without transaction.

 

True, but they just write the letter and a "statement " with the balance, no need to update and immigration accepts it 

[samtam]

1 hour ago, Kerryd said:

When you open a Fixed Term account, they give you a bank book (but not an ATM card). Some may call it a "pass book". It shows the amount deposited and the date. The day before I go for my extension I go to a bank branch and "update" the book, then photocopy the page that shows balance and new date.

 

OK, thanks. Not sure if Krungsri have the same system. But also not sure how you can update a fixed deposit passbook, as it's "fixed"; suppose it depends on the narrative in the passbook, which one hopes the IO at CW would accept.

[ChouDoufu]

bangkok bank can update the FD books with current balance.  i usually get a balance 3-1/2 months before, 1 month before, and morning of application when i get the bank letter.  all show the same amount (if no interest added), accepted at CW.

 

the passbook update machines will do this, but i prefer to go to the counter (any mall bank while shopping...).  if the machine print is illegible or overwritten, i want the clerk/manager to correct it while i'm there.

[Sheryl]

Check carefully if you use CW as there have been reports in recent threads they won't accept fixed deposit accounts.

I was able to confirm with Prachinburi Imm today that they are fine with fixed deposits. In fact the head lady seemed positively happy with the idea. I had to ask 4 different IOs and ultimately get referred to their senior officer to get this answer though.



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[leverito]

Thanks everybody.

hope FD will work.

[smccolley]

I have money in Tisco Provenance fund, a Thai retirement/mutual fund "bank". Would that count? I am not sure if I could get a statement however, I only get annual printed updates, I can print from the comp anytime however...

[ubonjoe]

19 minutes ago, smccolley said:

I have money in Tisco Provenance fund, a Thai retirement/mutual fund "bank". Would that count? I am not sure if I could get a statement however, I only get annual printed updates, I can print from the comp anytime however...

I am certain it would not be accepted by immigration since the rules state a Thai bank.

I suspect also that it is would not meet the requirement that the money has to be available for immediate withdrawal without a penalty.

[smccolley]

5 minutes ago, ubonjoe said:

I am certain it would not be accepted by immigration since the rules state a Thai bank.

I suspect also that it is would not meet the requirement that the money has to be available for immediate withdrawal without a penalty.

OK, I just checked and the name is Tisco Bank Public Company LTD, but withdrawing isn't particularly easy... Thanks Ubonjoe

[Gweiloman]

I’ve looked through this whole thread as well as others but can’t see definitively If Chiang Mai accepts fixed deposits. Does anyone know for sure?


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[digger70]

4 hours ago, JH1967 said:

Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

Proof for Immigration, letter from bank stating how much and how long it's in the bank ,update you're fixed deposit book same time that shows the money still being in there ,can do both (down where we are )  1/2 days before applying for extension, next time just roll it over and do same with the update and if you do the added interest and update the bank book.

[Treebeard]

What happens if you open a fixed deposit account with money taken from your savings account? How does the money show regarding source, as I believe it has to show as coming from outside the country!

[ubonjoe]

1 hour ago, Treebeard said:

How does the money show regarding source, as I believe it has to show as coming from outside the country!

That is not required for an extension application.