BKK Bank Foreign Currency Account and Immigration Letter

[FatVern]

Based on the Thai government's repeated declarations that the baht will be pushed lower... I've set up a Foreign Currency Account at Bangkok Bank and deposited enough US Dollars that should cover 800K Baht and slippage unless the rate should fall below 27 to 1. I'm curious though how the bank will complete the letter I need for immigration for the extension of stay based on retirement. How do they determine that I've had the equivalent to 800K baht throughout the seasoning period taking into consideration everyday's exchange rate change, and what if it did fall below 800K due to exchange rates, even for a moment? I've never seen one of the letters, having used the embassy letter in the past. 

Thanks

Edited December 13, 2019 by FatVern

[ubonjoe]

The letter includes your balance in baht using the exchange rate for the day they write it. That is what immigration requires.

[MJKT2014]

18 minutes ago, FatVern said:

How do they determine that I've had the equivalent to 800K baht throughout the seasoning period taking into consideration everyday's exchange rate change, and what if it did fall below 800K due to exchange rates, even for a moment?

When I do mine using a THB account the IO wanted to see a daily end of day statement showing the balance was above 800KTHB as well as a letter. I have no idea how they cope with exchange rates on a daily basis for foreign accounts as the immigration law only mentions the THB thresholds to observe. 

[ubonjoe]

37 minutes ago, MJKT2014 said:

I have no idea how they cope with exchange rates on a daily basis for foreign accounts as the immigration law only mentions the THB thresholds to observe. 

Immigration uses the amount shown on the bank letter in baht on the day the letter is written.

If the account balance has been equal to or above the amount shown on the letter has been in the account for 2 months before the date of application ti will be accepted,

[FatVern]

12 minutes ago, ubonjoe said:

Immigration uses the amount shown on the bank letter in baht on the day the letter is written.

If the account balance has been equal to or above the amount shown on the letter has been in the account for 2 months before the date of application ti will be accepted,

Will there need to be some sort of statement in the letter that "the account balance has been equal to or above the amount shown on the letter has been in the account for 2 months" or like that?

[DanaValerie]

You said you opened a Foreign Currency (FCD) account? So you're keeping Dollars in the account. First off, that means you should PRAY that the baht falls to 27 per USD, since you'd get more baht for your dollars... But I'm not sure they want to see dollars anyway. We show them 800k in a baht account when we renew. 

Dana

[FatVern]

21 minutes ago, DanaValerie said:

You said you opened a Foreign Currency (FCD) account? So you're keeping Dollars in the account. First off, that means you should PRAY that the baht falls to 27 per USD, since you'd get more baht for your dollars... But I'm not sure they want to see dollars anyway. We show them 800k in a baht account when we renew. 

Dana

I'll have to ponder your math but thanks for the response. 

[MJKT2014]

15 hours ago, ubonjoe said:

Immigration uses the amount shown on the bank letter in baht on the day the letter is written.

OK, so it's different to using a THB bank account where the IO gets a letter on day of application showing balance and then the IO wants to see a daily bank statement for all days before the letter.

[topt]

On 12/13/2019 at 6:00 PM, DanaValerie said:

First off, that means you should PRAY that the baht falls to 27 per USD, since you'd get more baht for your dollars...

800,000 baht at 30 to $ = 26,666.67

if it falls to 27 that figure becomes 720,000.09..........which would of course not be enough.......

 

Unless you earn in baht I think most of us are hoping that the $ gets stronger not weaker...........

[Number 6]

Why would you ever have that account? Isn't it 1% to deposit and 1% to withdrawal. No interest. I laughed, walked out and took 10k back to US.

 

Might have even made money changing to THB.

 

 

Be sure to get a statement of two months activity!

 

Yeah, you're gonna have issues, wasted time on the day getting book updated.

 

 

Edited December 15, 2019 by Number 6