Retirement visa using pound sterling interest account

[lelapin]

I have just opened a pound sterling account with Bangkok Bank with enough money to cover next  years 800,000 baht even allowing for a small shift in currency rate. My previous sterling account had a bank book but for this one year account with interest you are only given a certificate. How will it comply with the new rules of showing an up to date bank book on renewal and also 3 months after.

I renewed my visa this week at Jomtien and it went very quickly and without any problems using the 800,000 baht deposit option and I was given the written instructions re when to appear again with my book. What I didn't check was when I return in 3 months do I need another letter from the bank in addition to my updated book.

 

[BritManToo]

7 minutes ago, lelapin said:

How will it comply with the new rules of showing an up to date bank book on renewal and also 3 months after.

It won't comply, they will refuse your next extension and may cancel your existing extension.

Edited March 28, 2019 by BritManToo

[Tanoshi]

10 minutes ago, BritManToo said:

It won't comply, they will refuse your next extension and may cancel your existing extension.

It does comply.

It's a FCD fixed term account and the certificate is issued by the bank + letter.

[Tanoshi]

@lelapin

These fixed term FCD accounts are held at BKK HQ now, not your local branch.

Although they only issue certificates for these types of account, you can request a Passbook from the HQ.

They'll send it to your local branch for collection.

[Khaeng Mak]

If there is no book just ensure you have an updated statement prior to going to immigration. 

[Khaeng Mak]

16 minutes ago, Tanoshi said:

It does comply.

It's a FCD fixed term account and the certificate is issued by the bank + letter.

+1

[Dale75]

Yes, I have similar FCD. I had to go back to the local branch 3 or 4 working days later to collect the book.

(although this was 2yrs ago)

 

[Tanoshi]

3 minutes ago, Dale75 said:

Yes, I have similar FCD. I had to go back to the local branch 3 or 4 working days later to collect the book.

(although this was 2yrs ago)

 

Is that a standard FCD savings account, or the FCD fixed term account.

 

[lelapin]

9 minutes ago, Dale75 said:

Yes, I have similar FCD. I had to go back to the local branch 3 or 4 working days later to collect the book.

(although this was 2yrs ago)

 

The sterling account does not have a book

[Tanoshi]

1 minute ago, lelapin said:

The sterling account does not have a book

Read my post @ 4. 

[lelapin]

9 minutes ago, Tanoshi said:

Read my post @ 4. 

So on the day of renewal, how do you get it updated if it's controlled in Bangkok

[Tanoshi]

17 minutes ago, lelapin said:

So on the day of renewal, how do you get it updated if it's controlled in Bangkok

You can update at any Passbook ATM or in any branch, same as any account.

You don't have to update where you hold the account.

[Khaeng Mak]

47 minutes ago, lelapin said:

The sterling account does not have a book

You don't need a book. Just an updated statement.

[OJAS]

It has always seemed to me that relying on an FCD account to prove finances for an extension of stay application is not without its risks, regardless of whether or not such an account was, in principle, acceptable to an immigration office in the first place. In particular it strikes me as essential for the FCD balance to be monitored closely throughout the 5-month seasoning period (2 months before + 3 months after) to ensure that at no time did it fall even a single satang below the required 800,000 in THB terms for a retirement extension.

 

In this connection I gather that Immigration use the relevant Bangkok Bank “Bank Notes Buying Rate” for calculating compliance with their financial requirements. This particular rate can change several times over a typical bank working day (which I understand to be 08:30-17:00 Mondays-Fridays excluding holidays).

 

Surely it would be far better for peace of mind at least, would it not, for the required 800,000 in the case of a retirement extension to be accumulated upfront in an acceptable THB account, even if this meant taking a hit on exchange rates?
 

[Khaeng Mak]

11 minutes ago, OJAS said:

It has always seemed to me that relying on an FCD account to prove finances for an extension of stay application is not without its risks, regardless of whether or not such an account was, in principle, acceptable to an immigration office in the first place. In particular it strikes me as essential for the FCD balance to be monitored closely throughout the 5-month seasoning period (2 months before + 3 months after) to ensure that at no time did it fall even a single satang below the required 800,000 in THB terms for a retirement extension.

 

In this connection I gather that Immigration use the relevant Bangkok Bank “Bank Notes Buying Rate” for calculating compliance with their financial requirements. This particular rate can change several times over a typical bank working day (which I understand to be 08:30-17:00 Mondays-Fridays excluding holidays).

 

Surely it would be far better for peace of mind at least, would it not, for the required 800,000 in the case of a retirement extension to be accumulated upfront in an acceptable THB account, even if this meant taking a hit on exchange rates?
 

The interest rate I get on my FCD here is significantly higher than I can get from a bank back in my home country.  I also pay no tax on the interest.

[Tanoshi]

1 hour ago, OJAS said:

It has always seemed to me that relying on an FCD account to prove finances for an extension of stay application is not without its risks, regardless of whether or not such an account was, in principle, acceptable to an immigration office in the first place. In particular it strikes me as essential for the FCD balance to be monitored closely throughout the 5-month seasoning period (2 months before + 3 months after) to ensure that at no time did it fall even a single satang below the required 800,000 in THB terms for a retirement extension.

That would apply to any account your using as the funds method.

 

The FCD account mentioned here is a 'fixed term' account, presumably 12 months, the same a baht held fixed term account.

[buick]

1 hour ago, Tanoshi said:

You can update at any Passbook ATM or in any branch, same as any account.

You don't have to update where you hold the account.

i have a FCD account at Bangkok Bank and my FCD bank book is too large to fit into the normal bank book balance update machine.  maybe i'm missing something ?  but i haven't been able to get it to fit.

 

i am able to get it updated in any branch, usually bangkok bank office at CW. 

[yodsak]

2 minutes ago, buick said:

i have a FCD account at Bangkok Bank and my FCD bank book is too large to fit into the normal bank book balance update machine.  maybe i'm missing something ?  but i haven't been able to get it to fit.

 

i am able to get it updated in any branch, usually bangkok bank office at CW. 

Correct, have to do it in branch.   

[Tanoshi]

5 minutes ago, buick said:

i have a FCD account at Bangkok Bank and my FCD bank book is too large to fit into the normal bank book balance update machine.  maybe i'm missing something ?  but i haven't been able to get it to fit.

The newer books for FCD's are bigger, so have to update them in branch.

[buick]

1 hour ago, OJAS said:

In this connection I gather that Immigration use the relevant Bangkok Bank “Bank Notes Buying Rate” for calculating compliance with their financial requirements. This particular rate can change several times over a typical bank working day (which I understand to be 08:30-17:00 Mondays-Fridays excluding holidays).

it is my understanding that immigration uses 'TT buying rates'.  which is a little higher than the 'bank note buying rate'.  

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

what i often wonder, is do they check the lowest TT buying rate for previous three months to calculate your balance in THB, or do they just look at the first and last day of extension seasoning period.  i don't know.  haven't read a report of someone getting denied due to their FCD account dipping below the required amount during the seasoning period but going above it again before application time. 

Edited March 28, 2019 by buick

[Tanoshi]

1 minute ago, buick said:

it is my understanding that immigration uses 'TT buying rates'.  which is a little higher than the 'bank note buying rate'.

They use BKK's TT rate on the day of application, variances throughout the year are immaterial.

It's only the rate applicable on the day of application.

[Khaeng Mak]

12 minutes ago, Tanoshi said:

They use BKK's TT rate on the day of application, variances throughout the year are immaterial.

It's only the rate applicable on the day of application.

No.  The letter you get from the bank should have the deposit amount converted into Thai baht.  That is the figure immigration relies upon.

[Bert Jones]

Can I please ask...what interest rate do you get on the FCD account at BKK bank?

[Tanoshi]

4 minutes ago, Khaeng Mak said:

No.  The letter you get from the bank should have the deposit amount converted into Thai baht.  That is the figure immigration relies upon.

Any letter I have had from the bank only confirmed the account.

The Passbook was proof of funds in foreign currency. The IO did the conversion to baht equivalent.

 

Unless you are with BKK any conversion by the bank using their TT rate (which could be lower than BKK) in the form of a letter could be detrimental.

[wgdanson]

3 hours ago, Tanoshi said:

It does comply.

It's a FCD fixed term account and the certificate is issued by the bank + letter.

And the money is available almost immediately by doing an exchange online into a normal Baht account. Done.

[Tanoshi]

5 minutes ago, Bert Jones said:

Can I please ask...what interest rate do you get on the FCD account at BKK bank?

On a 12 month 'fixed term' it's currently 0.9%.

 

If you have a regular Savings account, I believe it's only 0.1%, but stand to be corrected.

[lelapin]

4 minutes ago, Tanoshi said:

On a 12 month 'fixed term' it's currently 0.9%.

 

If you have a regular Savings account, I believe it's only 0.1%, but stand to be corrected.

Correct

[Tanoshi]

2 minutes ago, wgdanson said:

And the money is available almost immediately by doing an exchange online into a normal Baht account. Done.

Yes, but if it was a 'fixed term' FCD account you'll lose the interest.

The whole idea of doing a 'fixed term' is to leave the funds until maturity of the period selected.

 

If you intend to withdraw, or convert within the year then you should have an FCD Savings account.

[wgdanson]

5 minutes ago, Tanoshi said:

Yes, but if it was a 'fixed term' FCD account you'll lose the interest.

The whole idea of doing a 'fixed term' is to leave the funds until maturity of the period selected.

 

If you intend to withdraw, or convert within the year then you should have an FCD Savings account.

Better losing your interest than losing your extension to stay.

 

Can you get a fixed term FCD account? Must ask at Bkk Bank. I do have a FCD Savings account and get a bit of interest now & then, but also get charged if it drops below GBP 1000.

Edited March 28, 2019 by wgdanson

[lelapin]

11 minutes ago, wgdanson said:

Better losing your interest than losing your extension to stay.

 

Can you get a fixed term FCD account? Must ask at Bkk Bank. I do have a FCD Savings account and get a bit of interest now & then, but also get charged if it drops below GBP 1000.

See post 26/27

Edited March 28, 2019 by lelapin