How to hold currency required for Visa applications

[503726]

Hi

 

What is the best way permitted to hold currency required for Visa applications?

 

I currently hold the 800,000 B required for am O-A retirement Visa on an account at SCB that gives immediate access to all of it and therefore not earning interest. Is there a way to earn interest and meet the fund requirements for Visas like O-A or is it not possible? What does everyone else do?

 

Thanks for your advice in advance

 

 

[fishtank]

I think you are talking about an extension of stay for retirement not a Visa.

Put your money in a SCB fixed account.

Still not great but up to 1.85% depending on length of deposit.

 

[Lefty]

6 hours ago, fishtank said:

I think you are talking about an extension of stay for retirement not a Visa.

Put your money in a SCB fixed account.

Still not great but up to 1.85% depending on length of deposit.

 

I believe bank will withhold 15% as tax.

Lefty

[fishtank]

15 minutes ago, Lefty said:

I believe bank will withhold 15% as tax.

Lefty

Yes but you can claim it back if you get a tax number.

Whatever it is still better than 0%

[Ravi98008]

7 hours ago, fishtank said:

I think you are talking about an extension of stay for retirement not a Visa.

Put your money in a SCB fixed account.

Still not great but up to 1.85% depending on length of deposit.

 

Hi fishtank, I read in this forum that just before you apply for an extension you have to make a deposit and a withdrawal to prove that the 800K is liquid and accessable anytime during the one year Visa extension period. However if funds are withdrawn from a fixed term deposit account before the maturity date, you loose the entire interest earned, won't this withdraw/deposit of money defeat the whole purpose of holding the funds in an interest bearing account, only to loose the interest earned when a withdrawal is made for Visa renewal process? Thanks

[503726]

Thanks both of you, 1.85% less tax would be better than nothing,

 

I know this is important for the Immigration Service. I gave them my whole bank book and a bank confirmation letter for extension of stay recently. The immigration officer looked all the way through my bank transactions carefully with me there and even checked it against dates of my absence from Thailand. It was an issue that a formal bank confirmation letter was 1 day out of date but I had that covered with a current one too showing the same balance less their fee.

 

Sorry to be pedantic but … can the immigration service take issue with the money being not instantly available when it is deposited for a term period or that amount being confirmed by the bank in separate sentence in their formal letter or if its done by a second letter?

 

Thanks again

[CMBob]

11 hours ago, 503726 said:

...Sorry to be pedantic but … can the immigration service take issue with the money being not instantly available when it is deposited for a term period or that amount being confirmed by the bank in separate sentence in their formal letter or if its done by a second letter?

To qualify for an extension, the bank account money must be instantly available.  SCB (and other banks) have those accounts and, while they are "fixed term" (for 6 months, 11 months, etc.), they are nothing like a "western cd" where you can't get your money until the term ends.  These "fixed accounts" being talked about allow you to withdraw the funds whenever you want but, if you take the money out early, you lose all accrued interest.  Just ask your bank if whatever account they're trying to sell you will qualify for the annual immigration letter.  I've had this type of account at SCB for 8+ years without any issue or problem at all.

[NCC1701A]

fixed account at Bangkok Bank with 800,000+ baht for the past 6 years for my extension of stay. 

 

sure makes it easy when applying for your extension.

[503726]

Great, I'll have a look at what the bank has on offer. It's only fair, thanks v much guys 

[fishtank]

23 hours ago, Ravi98008 said:

Hi fishtank, I read in this forum that just before you apply for an extension you have to make a deposit and a withdrawal to prove that the 800K is liquid and accessable anytime during the one year Visa extension period. However if funds are withdrawn from a fixed term deposit account before the maturity date, you loose the entire interest earned, won't this withdraw/deposit of money defeat the whole purpose of holding the funds in an interest bearing account, only to loose the interest earned when a withdrawal is made for Visa renewal process? Thanks

Make a small deposit on the day you apply or the day before.

Then get the book updated

[fishtank]

1.85 % was for a 3 year account at SCB.

[Ravi98008]

On 7/6/2019 at 9:28 PM, fishtank said:

Make a small deposit on the day you apply or the day before.

Then get the book updated

I appreciate your reply.  So therefore your point and my assumption is that making deposits into a fixed deposit account before maturity date doesn't trigger a loss of interest earned.  If that is true then I have to say that I never ever in my life seen some thing like that in USA Banks. But I may be wrong.

 

 

 

 

[jacko45k]

4 hours ago, Ravi98008 said:

I appreciate your reply.  So therefore your point and my assumption is that making deposits into a fixed deposit account before maturity date doesn't trigger a loss of interest earned.  If that is true then I have to say that I never ever in my life seen some thing like that in USA Banks. But I may be wrong.

 

 

 

 

I did this and although the total looked like a single amount, the account now had 2 blocks of money with 2 different maturity dates. The initial monies maturity was not reset in any way. Fortunately, if I put my FD book into an update machine at Bangkok Bank, it prints a line despite there being no transactions. Hence is useful to demonstrate compliance to immigration. 

Making a small deposit frequently would make it a cumbersome FD account. I would expect deposits to be restricted to a minimum amount.

[lopburi3]

AFAIK Bangkok Bank accounts do not require any activity to obtain passbook update (even from machine) - no need to withdraw or add funds to get a new update stamp for current day.  Other banks may claim they can not do but have had done even there (much confusion on part of person doing but was ordered by supervisor and done).  

[OJAS]

27 minutes ago, lopburi3 said:

AFAIK Bangkok Bank accounts do not require any activity to obtain passbook update

Can confirm this on the basis of personal experience.

[rwill]

even just a normal SCB savings account pays interest.  They only pay it out twice a year though.  Which is normal for Thai banks.

[marcusarelus]

10 hours ago, OJAS said:

Can confirm this on the basis of personal experience.

Updated my Bank of Bangkok a week ago for extension when I got letter and it didn't update as I had no activity.  Teller updated in her machine.  Immigration only looked at the letter so made no difference.  

[lopburi3]

16 minutes ago, marcusarelus said:

Bank of Bangkok

That is Bangkok Bank?

[marcusarelus]

4 minutes ago, lopburi3 said:

That is Bangkok Bank?

https://www.bangkokbank.com.  Ya.  Did you wonder?  Or just having a pedantic moment?

[Moonlover]

45 minutes ago, rwill said:

even just a normal SCB savings account pays interest.  They only pay it out twice a year though.  Which is normal for Thai banks.

I'm sure that's true of savings accounts in all banks and the interest rate will be much the same whichever bank one chooses.

 

With the low rates that pertain here, I see little point in chasing around for the extra satang here and the extra satang there.

 

As suggested by @NCC1701A earlier and many others, put on deposit in an interest bearing account and forget it. 

[lopburi3]

25 minutes ago, marcusarelus said:

https://www.bangkokbank.com.  Ya.  Did you wonder?  Or just having a pedantic moment?

I recall in the past that BBL update machines entered current day balance regardless of activity - but have not used without entries to record for a few years.

[marcusarelus]

4 minutes ago, lopburi3 said:

I recall in the past that BBL update machines entered current day balance regardless of activity - but have not used without entries to record for a few years.

I thought they did too so I didn't deposit anything but asked the lady who got me my letter to update the book.  Not till I got home did I find nothing had been changed.  

[Pib]

even just a normal SCB savings account pays interest.  They only pay it out twice a year though.  Which is normal for Thai banks.

Only if the bank coded you as a resident. If coded as a non-resident then no interest is earned on a regular Thai bank acct which currently pays around 0.5% in Jun and Dec of each year.

Some bank branches play this game of coding a farang as a non-resident to avoid paying any interest.

[jacko45k]

12 hours ago, rwill said:

even just a normal SCB savings account pays interest.  They only pay it out twice a year though.  Which is normal for Thai banks.

Minus 15%!

[fishtank]

Just now, jacko45k said:

Minus 15%!

Which you can claim back if you can be bothered.

[jacko45k]

Just now, fishtank said:

Which you can claim back if you can be bothered.

Yes, I have done that. An exercise in frustration that even required me to open yet another bank account that I did not need. 

[crazygreg44]

13 hours ago, rwill said:

even just a normal SCB savings account pays interest.  They only pay it out twice a year though.  Which is normal for Thai banks.

I opened a savings account with SCB in Hua Hin in 2004, and the 800,000  THB deposits in it earn around 2000 THB yearly interest since . . . . . 

 

BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas

[jacko45k]

29 minutes ago, crazygreg44 said:

I opened a savings account with SCB in Hua Hin in 2004, and the 800,000  THB deposits in it earn around 2000 THB yearly interest since . . . . . 

Rather poor, 0.25%.

[fishtank]

39 minutes ago, crazygreg44 said:

I opened a savings account with SCB in Hua Hin in 2004, and the 800,000  THB deposits in it earn around 2000 THB yearly interest since . . . . . 

 

BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas

You would be much better with a fixed account.

Around 12,000 a year.

[Pib]

2 hours ago, crazygreg44 said:

I opened a savings account with SCB in Hua Hin in 2004, and the 800,000  THB deposits in it earn around 2000 THB yearly interest since . . . . . 

 

BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas

But SCB has you coded in some category as a resident in their system otherwise you would not be receiving any interest on your regular savings account.  You don't consider yourself a resident, but SCB does.

 

Below from latest SCB savings interest rate sheet....notice only when coded as a "non-resident" you do not receive interest; any other category receives interest.