Bank Deposit 800K

[dddave]

Apologies in advance.  I know this has been discussed to death but so much conflicting information has left me unsure of the proper process of making the required 800K deposit to renew my Retirement extension which expires in late March. As I currently understand it, the deposit must season for 3 months prior to the renewal, thus must be completed before the end of this month. (December) The renewal will be at Chang Wattana.

 

I have an existing Bangkok Bank passbook savings account.  My questions are as follows:

Can the 800K deposit be made into my existing account or must I open a separate account to hold the 800K?

 

Should I notify my bank prior to the transfer?

 

Does the transfer from my US bank have to be a single 800K transfer or can it be a series of smaller transfers that total 800K

 

Does a particular transfer method need to be used?  What documents will I need to take to Immigration substantiating the deposit?

 

Thanks in advance and again, sorry for the redundant questions.

[jacko45k]

Yes.

Not necessary

Single or multiple, depends on limits of US bank .

No particular transfer method obligated, for retirement Ext. 

Immigration will want to see the bankbook, copies and a letter from the bank confirming your account and balance. Obtained day of Extension application or close to.

 

[moontang]

a fixed deposit is the simplest way, but avoid letting them mature during seasoning..otherwise, they might have to sort through many transactions...and it is easier to slip up and go below.  cimb does a 1.75% fixed for over 55, that is tax free up to 1.5 million.  I put half in it, and half in a current one..so I am never below 400k..

[ubonjoe]

The 800k baht only needs to be in the bank for 2 months. That was changed in March of this year.

You can use your existing account.

No need to notify the bank before doing the transfer.

You can do as many transfers as you want to or need to.

For an extension of stay application no special method to send the funds into the country is needed. No need to prove the funds came from abroad.

You will need a letter from the bank confirming your account and the balance on the day it was written. You need copies of you updated bank book showing the 800k baht has been in the bank for 2 months. Chaeng Wattana wants the bank letter and bank book update done on the same day you apply for the extension.

There is branch of Bangkok Bank on the ground floor of the building where immigration is located where you can get the letter and bank book update done.

 

[fishtank]

As said, money in the bank for 2 months before application.

[EricTh]

53 minutes ago, moontang said:

a fixed deposit is the simplest way, but avoid letting them mature during seasoning..otherwise, they might have to sort through many transactions...and it is easier to slip up and go below.  cimb does a 1.75% fixed for over 55, that is tax free up to 1.5 million.  I put half in it, and half in a current one..so I am never below 400k..

What do you mean by 'in a current one'?

 

Do you mean half in a Fixed Deposit account and half in a savings account?

 

It's difficult to open a bank account in CIMB because they require a Thai citizen guarantor which I find ridiculous. How did you manage to open one?

 

[moontang]

I meant the other half in a regular FD, but have also done it with their speed savings, paying 1. 35%.  I used yellow book.  Opened in both cm and bkk.  Their atm card is the best I have seen. 

[Catoholic]

2 hours ago, EricTh said:

It's difficult to open a bank account in CIMB because they require a Thai citizen guarantor which I find ridiculous. How did you manage to open one?

I've got two accounts at CIMB and have had them for 9 years? now. I just walked in with 1.5 million and they were happy to help me. And for what it's worth I also have Bangkok Bank and SCB accounts. I've never had a problem opening a bank account in Thailand.

[Henryford]

4 hours ago, fishtank said:

As said, money in the bank for 2 months before application.

Unless you live in Jomtien.

[ubonjoe]

2 hours ago, Henryford said:

Unless you live in Jomtien.

Out of date info. They do allow 2 months now.

[fishtank]

2 hours ago, Henryford said:

Unless you live in Jomtien.

Jomtien and everywhere else.

[thailand49]

Post #4 is correct.  Make sure the 800,000 baht in the bank account only in your own name if it is joint double that amount.

 

Cousin just did his extension at Jomtien 2 month season, when picking up his extension next day given information to report back 90 days for verification of his funds.

[Brunolem]

17 hours ago, Catoholic said:

I've got two accounts at CIMB and have had them for 9 years? now. I just walked in with 1.5 million and they were happy to help me. And for what it's worth I also have Bangkok Bank and SCB accounts. I've never had a problem opening a bank account in Thailand.

I just visited the website of CIMB, a bank I didn't know...for the good reason that it has only one branch in a 60 km radius from my residence...

 

Having said that, they indeed have this senior fixed account, with a maximum deposit of 1.5 million baht, but...the website doesn't mention the interest rate, which may well have gone down recently, after the two rate cuts from the central bank.

 

On top of that, the website says that it is tax free...only for deposits up to 30,000 baht.

[moontang]

40 minutes ago, Brunolem said:

I just visited the website of CIMB, a bank I didn't know...for the good reason that it has only one branch in a 60 km radius from my residence...

 

Having said that, they indeed have this senior fixed account, with a maximum deposit of 1.5 million baht, but...the website doesn't mention the interest rate, which may well have gone down recently, after the two rate cuts from the central bank.

 

On top of that, the website says that it is tax free...only for deposits up to 30,000 baht.

Wrong...there is no tax withholding on the first 30,000 in interest.   

[Brunolem]

3 hours ago, moontang said:

Wrong...there is no tax withholding on the first 30,000 in interest.   

Which is hardly possible since that would imply an interest rate of at least 2% (based on a maximum deposit of 1.5 million)...

[moontang]

1 hour ago, Brunolem said:

Which is hardly possible since that would imply an interest rate of at least 2% (based on a maximum deposit of 1.5 million)...

Yes, but historically, it is above 2%..but would also depend on how late in the year it was purchased. I bought a 2.5%, 2 year in late 2018.  

[Jaxxper]

On 12/3/2019 at 5:46 PM, Henryford said:

Unless you live in Jomtien.

Not true. 2 months before and 3 after in Jomtien. Maybe out of date info.?

[Catoholic]

FYI - I always have the tax that is taken from the interest returned to me. The kind people at CIMB have always helped me.

[moontang]

1 hour ago, Catoholic said:

FYI - I always have the tax that is taken from the interest returned to me. The kind people at CIMB have always helped me.

Me, too, but they added a few steps to the process last year at the revenue office.  I got back 2500 this year, for 2018.  All the banks seem to be cooperative about issuing statements for the tax office, free of charge.

[Catoholic]

14 minutes ago, moontang said:

Me, too, but they added a few steps to the process last year at the revenue office.  I got back 2500 this year, for 2018.  All the banks seem to be cooperative about issuing statements for the tax office, free of charge.

The year I got a ATM type card that I used to get my tax money back. Now that I have the card I suspect the process will be even faster/easier.

[moontang]

40 minutes ago, Catoholic said:

The year I got a ATM type card that I used to get my tax money back. Now that I have the card I suspect the process will be even faster/easier.

Me too, but I thought she said we couldn't use them next year..I kept mine, though.  

[Pilotman]

as Ubonjoe says, it must be in the bank for 2 months, not 3 and you don't have to provide evidence that the funds came from an offshore source, or any source for that matter, it just needs to be there. 

[moontang]

10 minutes ago, Pilotman said:

as Ubonjoe says, it must be in the bank for 2 months, not 3 and you don't have to provide evidence that the funds came from an offshore source, or any source for that matter, it just needs to be there. 

There have been a few rare cases, where folks getting their first extension on an O acquired in country had to show its origin, just like a few claiming the officer told them no fixed deposits...Thais contradicting their own rules?  Today?  But it is highly unlikely these things would come up at any of the mainstream immigration offices.  I was told Nong Khai quit accepting the liar letters long before the US quit issuing them.

[Catoholic]

1 hour ago, moontang said:

Me too, but I thought she said we couldn't use them next year..I kept mine, though.  

I don't remember being told it was one time use only? i still have the card...