800.000 - Can it be in a fixed deposit account?

[tandor]

21 hours 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. It saves getting mixed up with daily money.

..according to the new rule half of it will be fixed.

[Sheryl]

7 minutes ago, tandor said:

..according to the new rule half of it will be fixed.

All of it for either 5 (2+3_ or 6 )3+3) months depending on who you ask. Half of it thereafter.

 

More trouble than it is worth to withdraw the half you can IMO (barring an unexpected cash crunch)  as you'd just need to replenish it 6 months later.

 

I plan to just put the 800K in a fixed deposit and leave it there, Will save on fund transfers as well.

[Salamat1]

From: Godfree at Thailand Retirement Helpers <removed email address)  "A retirement visa requires you to deposit 65,000 Baht monthly into a Thai bank account. You may spend down that total amount each month but you must be able to show that a deposit is made each month for the 12-month period leading up to the time you apply for your yearly Thai retirement visa renewal.  Or you can make a non-interest bearing 800,000 Baht ($25,000 U.S.) deposit if you reside here alone or 400,000 Baht for those married to a Thai citizen. Three months prior to renewal, the full amount of 800,000 must clearly be on deposit in a bank and you must present the bank document to immigration for your visa renewal. This means that you will not be required to show that you have retirement income of 65,000 Baht each month.  Assuming there are 500,000 foreign retirees here, then they will be lending the country $12.5 billion each year, interest free, and Thai banks will lend this money out for interest income or profit. Nice work, Thailand! "   Seems fairly emphatic it's non interest bearing accounts!

[Gweiloman]

10 hours ago, Salamat1 said:

From: Godfree at Thailand Retirement Helpers <removed> Rules. "A retirement visa requires you to deposit 65,000 Baht monthly into a Thai bank account. You may spend down that total amount each month but you must be able to show that a deposit is made each month for the 12-month period leading up to the time you apply for your yearly Thai retirement visa renewal.  Or you can make a non-interest bearing 800,000 Baht ($25,000 U.S.) deposit if you reside here alone or 400,000 Baht for those married to a Thai citizen. Three months prior to renewal, the full amount of 800,000 must clearly be on deposit in a bank and you must present the bank document to immigration for your visa renewal. This means that you will not be required to show that you have retirement income of 65,000 Baht each month.  Assuming there are 500,000 foreign retirees here, then they will be lending the country $12.5 billion each year, interest free, and Thai banks will lend this money out for interest income or profit. Nice work, Thailand! "   Seems fairly emphatic it's non interest bearing accounts!

First of all, I wouldn’t take an NGO’s (or are they an agent) word as gospel as nowhere in any of the police orders does it say that the funds have to be in a non bearing interest account. Even savings accounts are interest bearing, albeit at a low rate.

Secondly, there are just slightly over 80,000 retirees in Thailand and only a certain percentage of them are using the cash in bank method.

You might want to consider the knowledge of the agent that you might want to use


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[elliss]

10 hours ago, samtam said:

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

     Correct ,  in my neck of the woods , you need to have a instant access account, accident etc . 

     Absolute uncertainty  @ immi, is the norm .    This is Thailand ,  your new home land .. Welcome.

 

 

 

[DJ54]

9 hours ago, Kerryd said:

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


Hi ......is there a minimum amount deposit for fixed term account? 

Thinking put 70-80k a month until over let’s say 900,000.

 

Would want in my name only and in the will when it’s my time to go to the other side and it would then go to wife. 

 

This keeps out any chance of sticky fingers.....

[sfokevin]

13 minutes ago, DJ54 said:

Hi ......is there a minimum amount deposit for fixed term account? 

Thinking put 70-80k a month until over let’s say 900,000.

 

Would want in my name only and in the will when it’s my time to go to the other side and it would then go to wife. 

 

This keeps out any chance of sticky fingers.....

Wait for 3 months to accumulate (210k) deposit in 9 month fixed account... wait 3 more months to accumulate (210k) deposit in a 6 month fixed account... wait 3 more months to accumulate (210k) deposit in a 3 month fixed account... wait 3 more months to accumulate (210k) and the three prior fixed accounts mature at the same time... Them you can roll them all up (840k plus’s interest) into one fixed term of whatever time period you like... say 24-36 months...

 

 

[hugocnx]

7 hours ago, Gweiloman said:

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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Yes, for sure. Done that over the last 10 years.

[CM4Me]

Here in CNX I've been using the B800,000 fixed deposit at Bangkok Bank for some 10 years or so.

 

However for the last 2 years I been using a Foreign Currency Fixed Deposit, still with Bangkok Bank, earning 2.5% interest.

 

Never been a problem either way ???? 

[sfokevin]

32 minutes ago, CM4Me said:

Foreign Currency Fixed Deposit, still with Bangkok Bank, earning 2.5% interest.

How does one get a 2.5% return on such accounts?

What currency?

Fixed deposits - What terms (in months/years)?

Does BK Bank post these rates somewhere?

[hgma]

clear and simple explanations,Thanks for sharing. 

[moontang]

10 hours ago, Salamat1 said:

From: Godfree at Thailand Retirement Helpers <removed> Rules. "A retirement visa requires you to deposit 65,000 Baht monthly into a Thai bank account. You may spend down that total amount each month but you must be able to show that a deposit is made each month for the 12-month period leading up to the time you apply for your yearly Thai retirement visa renewal.  Or you can make a non-interest bearing 800,000 Baht ($25,000 U.S.) deposit if you reside here alone or 400,000 Baht for those married to a Thai citizen. Three months prior to renewal, the full amount of 800,000 must clearly be on deposit in a bank and you must present the bank document to immigration for your visa renewal. This means that you will not be required to show that you have retirement income of 65,000 Baht each month.  Assuming there are 500,000 foreign retirees here, then they will be lending the country $12.5 billion each year, interest free, and Thai banks will lend this money out for interest income or profit. Nice work, Thailand! "   Seems fairly emphatic it's non interest bearing accounts!

I bought a Sony smart TV and an inverter fridge with my last interest payout from a fixed deposit...and got my fourth extension a few months ago...not sure what country these people are talking about.

[tandor]

14 hours ago, Salamat1 said:

From: Godfree at Thailand Retirement Helpers <removed email address)  "A retirement visa requires you to deposit 65,000 Baht monthly into a Thai bank account. You may spend down that total amount each month but you must be able to show that a deposit is made each month for the 12-month period leading up to the time you apply for your yearly Thai retirement visa renewal.  Or you can make a non-interest bearing 800,000 Baht ($25,000 U.S.) deposit if you reside here alone or 400,000 Baht for those married to a Thai citizen. Three months prior to renewal, the full amount of 800,000 must clearly be on deposit in a bank and you must present the bank document to immigration for your visa renewal. This means that you will not be required to show that you have retirement income of 65,000 Baht each month.  Assuming there are 500,000 foreign retirees here, then they will be lending the country $12.5 billion each year, interest free, and Thai banks will lend this money out for interest income or profit. Nice work, Thailand! "   Seems fairly emphatic it's non interest bearing accounts!

..sounds like 'extortion' to me.

[skatewash]

14 hours ago, Salamat1 said:

From: Godfree at Thailand Retirement Helpers <removed email address)  "A retirement visa requires you to deposit 65,000 Baht monthly into a Thai bank account. You may spend down that total amount each month but you must be able to show that a deposit is made each month for the 12-month period leading up to the time you apply for your yearly Thai retirement visa renewal.  Or you can make a non-interest bearing 800,000 Baht ($25,000 U.S.) deposit if you reside here alone or 400,000 Baht for those married to a Thai citizen. Three months prior to renewal, the full amount of 800,000 must clearly be on deposit in a bank and you must present the bank document to immigration for your visa renewal. This means that you will not be required to show that you have retirement income of 65,000 Baht each month.  Assuming there are 500,000 foreign retirees here, then they will be lending the country $12.5 billion each year, interest free, and Thai banks will lend this money out for interest income or profit. Nice work, Thailand! "   Seems fairly emphatic it's non interest bearing accounts!

What a dilemma!  Who am I going to believe?  My personal experience getting four retirement extensions with interest-bearing accounts (fixed deposit and regular savings accounts) in Thai banks at Phuket Immigration or Godfree?  ???? 

[pazza]

I've used this method for about 10 years, the past three years I've had to take "bank statements" as well (did my extension last year in Pattaya and went through immigration no problem) back in Nong Khai again and had to take bank statements again. (Kasi bank)

 

[CM4Me]

On 2/19/2019 at 1:04 AM, sfokevin said:

How does one get a 2.5% return on such accounts?

What currency?

Fixed deposits - What terms (in months/years)?

Does BK Bank post these rates somewhere?

As I said in my post the 'Fixed Deposit is a Foreign Currency Account'

 

As I understand each of the main international foreign currencies can be on different rates. In my case I have AUD.

 

see https://www.bangkokbank.com/-/media/Files/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit-Interest-Rates/2016/02FCD_1604081.ashx?la=en&hash=B3B60AE40EE292502C8678E0F493A32C0142AE09

 

unfortunately its only in Thai

 

 

[Thungrat]

On 2/18/2019 at 12:41 PM, 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.

 

And you don´t need a statement anymore, only a copy of this fixed accout passbook?

[oldcpu]

6 hours ago, Thungrat said:

And you don´t need a statement anymore, only a copy of this fixed accout passbook?

 

That's not my experience, albeit I am over 1 year out of date.  Statements and letters are both needed (at least they are in Phuket).

 

In the case of my fixed account with Bangkok Bank, where I maintained 800k THB for years, for Phuket immigration I was required to have a signed and stamped statement of the account for the one year since my previous extension, plus an accompanying signed and stamped bank letter, AND the bank book. The Phuket volunteers web page still includes these requirements on their web page for 1 year extensions for Long term (Type-O/OA) visas t be provided in Phuket.  

 

In the case of Bangkok Bank, this was a bit annoying in Phuket, as the local Bangkok Bank branches insisted on obtaining this information from the main office in Bangkok, and they required about a week to obtain such.

 

Hence I switched the 800k THB to Krungsri bank, where in Phuket I could obtain the signed and stamped bank letter & statement (and of course the updated bank book) on the same day (first thing in the morning) and show up at the Phuket immigration later in the afternoon.

 

I am now on an LTR visa so this is no longer relevant to me ...  but I do not believe that has changed for the Type-O/OA visa extensions.

 

 

[Kerryd]

22 hours ago, Thungrat said:

And you don´t need a statement anymore, only a copy of this fixed accout passbook?

By "statement" do you mean the "bank letter" certifying that it is your account ? Or are you talking about "bank statements showing monthly deposits" ?

Yeah, you still need the "bank letter".
But you don't have to show a "statement" showing any activity on the account. Fixed Term accounts don't usually have a lot of transactions aside from the annual interest deposit.

In Jomtien what I do each year is prepare all my paperwork in the week before I have to submit my application.
Then the day before I go, I head over the the bank, update my bank book and get the "bank letter".

Then photocopy the first page of the book (that has your name on it) and the page with the updated balance, sign the photocopies and that's it.

It usually doesn't take more than 4-5 minutes when you sit down with the IO and they check your paperwork - if you have everything done ahead of time.

That's how I've been doing it for the last 13 years now anyways.

Note !
Some Immigration Offices may have different requirements.
It used to be that Immigration wanted to see a "savings" account with transactions listed (deposits and withdrawals) to show you were using that money to "live on" while in Thailand.

As that was the entire purpose of having the money in the bank - to make sure you had enough to live on for one year.

At Jomtien they didn't worry if it was a Savings or Fixed Term account or if there were any transactions on the account. So long as the money was there when you did your application they were happy.

And. Some Immigration Offices wanted people to update their bank books and get their bank letter on the same day as they made their application !

That wasn't really practical to expect people to wait until the banks opened, get their bank letter and bankbook updated, then try to get to Immigration and find there's already 300 people ahead of you in line and they've stopped handing out queue numbers for the day.