Changing a fixed deposit to another bank

[Vacuum]

...after having done the one year extension. I'm talking about the 800k option. The change would not take more than one hour, would the IO care about this when I'll apply for my next extension?

[scubascuba3]

I've wondered the same as the balance has dropped under 400k/800k, hopefully shows as settled the same day

[ubonjoe]

I don't think it would a problem for the 3 months after requirement. You would need to show both bank books if asked to show proof it was there for 3 months.

[Vacuum]

10 minutes ago, ubonjoe said:

I don't think it would a problem for the 3 months after requirement. You would need to show both bank books if asked to show proof it was there for 3 months.

Yes, but the 800k would drop to zero for an hour.

[ubonjoe]

25 minutes ago, Vacuum said:

Yes, but the 800k would drop to zero for an hour.

I took that into consideration when I wrote my reply.

A transfer from one bank to another would be evident when you show both books. They should only make a problem if goes away for a long time or was never topped up again.

[KittenKong]

1 hour ago, Vacuum said:

Yes, but the 800k would drop to zero for an hour.

I've never seen time stamps in bank books here. Transactions only show the date.

[Leaver]

I can't see there being a problem, but unless you are withdrawing 800k cash, and depositing 800k cash, it will probably be an overnight transfer, given the larger amount. 

 

You would like to think immigration would show some common sense for the 1 day break in continuity, but you do leave them the option to cause you some trouble. 

[macahoom]

Surely one bank book would show a withdrawal on, say, June 1st and the other book would show a deposit on June 1st?

 

So, no days when your balance dropped below 800k.

[scubascuba3]

Surely one bank book would show a withdrawal on, say, June 1st and the other book would show a deposit on June 1st?

 

So, no days when your balance dropped below 800k.

Unless there is a delay for some reason.

 

Just shows how stupid the rule is

 

[Leaver]

1 hour ago, macahoom said:

Surely one bank book would show a withdrawal on, say, June 1st and the other book would show a deposit on June 1st?

 

So, no days when your balance dropped below 800k.

That would be the case if it was a cash withdrawal and cash deposit.

 

If it's an electronic transfer, it's over night, possibly 48 hours, and if it's a bank cheque, it could be 3 to 5 business days. 

[scubascuba3]

That would be the case if it was a cash withdrawal and cash deposit.

 

If it's an electronic transfer, it's over night, possibly 48 hours, and if it's a bank cheque, it could be 3 to 5 business days. 

the electronic transfers are not always over night. I transfer amounts using my Kasikorn app to Krungsi and it settled immediately, so the answer is it depends

 

[sfokevin]

I would avoid a move during the 2-3 month pre seasoning period just as a precaution... Think of the pain and confusion of dual bank letters...

[Leaver]

29 minutes ago, scubascuba3 said:

the electronic transfers are not always over night. I transfer amounts using my Kasikorn app to Krungsi and it settled immediately, so the answer is it depends

 

This is a first time, and larger transaction.  The banks will make some checks before it is processed.  I doubt it would be an instant transfer. 

[scubascuba3]

This is a first time, and larger transaction.  The banks will make some checks before it is processed.  I doubt it would be an instant transfer. 

People will need to check with and get assurances from the bank, talking face to face and explain the problem. if that's not possible then maybe the wrong bank

[jacko45k]

16 hours ago, macahoom said:

Surely one bank book would show a withdrawal on, say, June 1st and the other book would show a deposit on June 1st?

 

So, no days when your balance dropped below 800k.

Other than the fact one book was below 800k before and one was below after. 

It is really about whether you get a pedantic IO or not. 

[wgdanson]

16 hours ago, Leaver said:

You would like to think immigration would show some common sense

5555555555

[JimSaints]

One way or another they will make it a problem for you - whats the reason for wanting to change bank as none of them give a decent interest

[Leaver]

21 hours ago, sfokevin said:

I would avoid a move during the 2-3 month pre seasoning period just as a precaution... Think of the pain and confusion of dual bank letters...

This is my advice.  If you want to change banks, I would do it straight after the seasoning period finishes.

 

You are leaving yourself open to a problem if you change banks during the seasoning period, as it will depend on the officer you get, on the day. It's not worth the risk. 

[ubonjoe]

24 minutes ago, Leaver said:

his is my advice.  If you want to change banks, I would do it straight after the seasoning period finishes.

He wrote in the OP that it was during the 3 months after the extension was applied for not the 2 months before the application.

[Leaver]

4 minutes ago, ubonjoe said:

He wrote in the OP that it was during the 3 months after the extension was applied for not the 2 months before the application.

It's my understanding you can't go under the 800k during that 3 month period.  Am I wrong?  

[ubonjoe]

1 minute ago, Leaver said:

It's my understanding you can't go under the 800k during that 3 month period.  Am I wrong?  

Correct but it is not the same as the 2 months before.

See my replies on page one.

[Leaver]

2 hours ago, ubonjoe said:

Correct but it is not the same as the 2 months before.

See my replies on page one.

I agree, but I am just suggesting the OP does not give any reason at all for an immigration officer to cause him some trouble.

 

He could face no trouble at all on the day, or a major headache, kicking himself for changing banks in that part of the seasoning period. 

 

Is it work the risk? 

[ubonjoe]

1 minute ago, Leaver said:

He could face no trouble at all on the day, or a major headache, kicking himself for changing banks in that part of the seasoning period. 

I don't consider the time after the the application a seasoning period and do not even use that word for the before.

[Leaver]

2 minutes ago, ubonjoe said:

I don't consider the time after the the application a seasoning period and do not even use that word for the before.

I've only ever used the 65k method, but if you don't call it seasoning, what do you call it?

 

It's my understanding, under the old laws, you couldn't go under the 800k for 2 months before the application. 

 

Under the new laws, it's 2 months before the application, and now 3 months after the application. 

 

Going under the 800k in the 3 months after may have some punitive affects on your next application, possibly even at the 90 day report in some provinces, however this is yet to be seen. 

 

Am I wrong with this interpretation of the new laws?

 

 

[ubonjoe]

23 minutes ago, Leaver said:

I've only ever used the 65k method, but if you don't call it seasoning, what do you call it?

The 800k baht balance must be mainted 2 months before and then kept at 800k baht for 3 months and then 400k baht until it is topped up for the next extension.

 

26 minutes ago, Leaver said:

It's my understanding, under the old laws, you couldn't go under the 800k for 2 months before the application.

It was 60 days before for the first extension and 3 months for all extension after that under the previous police order.

 

29 minutes ago, Leaver said:

Going under the 800k in the 3 months after may have some punitive affects on your next application, possibly even at the 90 day report in some provinces, however this is yet to be seen. 

I don't believe that will be as strict for the balance after as they are for the before. As said before his bank books will be showing as having the 800k baht on the same day that he changes banks which I think immigration will not have a problem. I think they will understand that there will be a need for changing accounts especially for fixed deposit accounts when they roll over.

[scubascuba3]

Maybe the IO will show mercy failing that leniency, failing that schedule in a holiday to Laos

[Leaver]

34 minutes ago, ubonjoe said:

The 800k baht balance must be mainted 2 months before and then kept at 800k baht for 3 months and then 400k baht until it is topped up for the next extension.

 

It was 60 days before for the first extension and 3 months for all extension after that under the previous police order.

 

I don't believe that will be as strict for the balance after as they are for the before. As said before his bank books will be showing as having the 800k baht on the same day that he changes banks which I think immigration will not have a problem. I think they will understand that there will be a need for changing accounts especially for fixed deposit accounts when they roll over.

So, you agree on my interpretation.

 

The point I am trying to make is, why give an immigration officer even one little discrepancy to cause a problem? 

 

Sure, it could be no problem at all, or, it could cause a major headache because the immigration officer wants to be unpleasant.

 

Once again, is it work the risk?

 

Look at the consequences if it is not allowed.  It would be quite a disruption to the OP's application.  Would it be worth an extra few percentage points of interest?

[Leaver]

17 minutes ago, scubascuba3 said:

Maybe the IO will show mercy failing that leniency, failing that schedule in a holiday to Laos

That's the way I see it.  A major disruption to the OP's visa plans, and for what, a small amount of interest.  Hardly worth it. 

 

The switch can be made after 400k of the 800k becomes accessible. 

[scubascuba3]

That's the way I see it.  A major disruption to the OP's visa plans, and for what, a small amount of interest.  Hardly worth it. 
 
The switch can be made after 400k of the 800k becomes accessible. 

This thread has been useful though, I'll transfer into a higher rate fixed deposit account ahead of my Non Imm O so avoiding any issue with the later Retirement extension. I wonder if maturity is an issue, normally you either continue with it or transfer out, so timing may not be ideal

[CRUNCHER]

Was at Jomtien today for retirement extension - money in the bank on fixed deposit.  Told to bring my bank book in on 5th August.

 

As I had hoped to change the term of my fixed deposit to accommodate the new requirements, which would require a new bank book, I asked the lady could I move the money to a new account at the same bank.  Was told that definitely I had to bring the same bank book for the same account with the money still in it. 

 

I can't confirm the accuracy of what I was told; I can only confirm what I was told.