Moving my visa money into fixed account

[Andyfez]

I successfully extended my retirement visa recently showing 800,000 in a bank account.

I understand I need to keep it in the account 3 months before, and 3 months after each renewal, and at least 400,000 the rest of the time.

But how do I go about moving the money to a higher/fixed deposit account?

Also, any suggestions which is the best option for long-term deposit?

 

Thanks again.

[scubascuba3]

Krungsi offer good rates.

 

I've wondered the same thing about transferring to a fixed deposit account. How about if it doesn't settle the same day, the balance won't be at the minimum

[jacko45k]

You may well end up having to produce both books at the immigration office to show the money was simply transferred into a new account. For that reason an FD at the same bank would be simpler, if limiting. 

[DrJack54]

OP, I can't see how you could move the money into a different bank. I opened an FD account at different bank to my existing bank, but did that 2 months prior to extension. However if I wanted to do that now (I'm still in the 3 month post extension window), I would need withdraw from bank A and take to bank B?

Would make for nervous next extension.

Hopefully someone will be along who has done it without problem.

BTW best interest I could get was 1.55% at green bank. Personally I didn't do it for interest rather than to avoid accidental stuff ups with new rules.

[tgeezer]

Just open another account. Where the money is shouldn’t matter provided you can prove that it existed and you will have a complete record of what you did. 

[gk10002000]

5 minutes ago, tgeezer said:

Just open another account. Where the money is shouldn’t matter provided you can prove that it existed and you will have a complete record of what you did. 

While I like your reasoning, I would be wary that the Thai mentality will be the same.  Visa or extension had account #1 on the paper work.  New account #2 while sounding reasonable......

[tgeezer]

1 hour ago, gk10002000 said:

While I like your reasoning, I would be wary that the Thai mentality will be the same.  Visa or extension had account #1 on the paper work.  New account #2 while sounding reasonable......

I understand completely, I moved a fixed account within two months of renewing my extension but took only the new book to Immigration.  I had to return the following day with my old deposit book which having sighted they found acceptable.  That is why I said” you will have a complete record of what you did”. 

[allane]

2 hours ago, scubascuba3 said:

Krungsi offer good rates.

 

I've wondered the same thing about transferring to a fixed deposit account. How about if it doesn't settle the same day, the balance won't be at the minimum

Everything is computerized; Thai interbank electronic transfers settle the same day. It is not like writing a cheque.

[Estrada]

5 hours ago, jacko45k said:

You may well end up having to produce both books at the immigration office to show the money was simply transferred into a new account. For that reason an FD at the same bank would be simpler, if limiting. 

They will not accept that, the money should be in your new Fixed Deposit account for the 3 month requirement.

[tgeezer]

1 hour ago, Estrada said:

They will not accept that, the money should be in your new Fixed Deposit account for the 3 month requirement.

Another rule made up. I posted my experience this very day which makes this rule a work of fiction.  

[worgeordie]

4 minutes ago, tgeezer said:

Another rule made up. I posted my experience this very day which makes this rule a work of fiction.  

Different Immigration offices, different officers,have their own rules,

what seems common sense to us,the money is still in an account

only a different one,will not work for them ,I find it's best to give

them nothing that they could use to deny an extension.

regards worgeordie

[digger70]

7 hours ago, Andyfez said:

I successfully extended my retirement visa recently showing 800,000 in a bank account.

I understand I need to keep it in the account 3 months before, and 3 months after each renewal, and at least 400,000 the rest of the time.

But how do I go about moving the money to a higher/fixed deposit account?

Also, any suggestions which is the best option for long-term deposit?

 

Thanks again.

I would say ask you're local Immigration office the one you use to make sure, may even get it in writing if you ask nicely. 

[khunPer]

It should not be a problem if you move in one day from account to account, then it's same date for withdrawal and deposit; just show both bank books as proof.

[how241]

I thought the new rules requires the money in the bank for 2 months before,  not 3. 

[Max69xl]

7 hours ago, tgeezer said:

Just open another account. Where the money is shouldn’t matter provided you can prove that it existed and you will have a complete record of what you did. 

Moving the the money to a fixed deposit account means opening a new account. He moves at least 800k to the FDA and keep the savings account for living expenses.

[Max69xl]

18 minutes ago, how241 said:

I thought the new rules requires the money in the bank for 2 months before,  not 3. 

Yes, that's correct. From March 1 2019. And 3 months in the bank after the application,and never below 400k for next 7 months then top it up to 800k 2 months before next extension.

[Max69xl]

7 hours ago, gk10002000 said:

While I like your reasoning, I would be wary that the Thai mentality will be the same.  Visa or extension had account #1 on the paper work.  New account #2 while sounding reasonable......

You open the FDA in the same bank where you have the savings account. You use the savings account for living expenses. No problem with the bank letter for immigration. Problem solved. 

[scubascuba3]

38 minutes ago, khunPer said:

It should not be a problem if you move in one day from account to account, then it's same date for withdrawal and deposit; just show both bank books as proof.

Theoretically yes, but who's done that and it's been accepted? and where?

[Max69xl]

1 hour ago, scubascuba3 said:

Theoretically yes, but who's done that and it's been accepted? and where?

It's accepted everywhere if opening the FDA in same bank. The money is in the bank. It doesn't leave the bank just because you move money from a savings account to an FDA. 

[DrJack54]

4 minutes ago, Max69xl said:

It's accepted everywhere if opening the FDA in same bank. The money is in the bank. It doesn't leave the bank just because you move money from a savings account to an FDA. 

The OP asked for advice banks with best interest rates. Does your advice include same day withdraw and deposit into new account different bank.

Some above have stated no problem. 

I like to advise on stuff I'm very sure of.

Even then sometimes/often wrong as it all rests with imm officer.

[Guest]

2 hours ago, DrJack54 said:

The OP asked for advice banks with best interest rates. Does your advice include same day withdraw and deposit into new account different bank.

Some above have stated no problem. 

I like to advise on stuff I'm very sure of.

Even then sometimes/often wrong as it all rests with imm officer.

You are correct .. the person you are replying to is confusing Thai Immigration Rules ... with Common Sense.  Not a good idea ... e-v-e-r.

[tgeezer]

Is there any police order which specifies that the money has to be held in a bank? If not then we are all guilty of applying ‘common sense’ in using deposits in a bank as the means of proof. I have no idea whether the dates of withdrawal and deposit of a sum of money were the same in my case. However I am confident in saying that 800,000THB withdrawn from one account in your name and deposited in another account in your name will be considered to have been in your possession the whole time.  I am a great believer in common sense and although it might or perhaps cannot be applied at the front desk level of Immigration it can be applied at higher levels. 

[jacko45k]

16 hours ago, Estrada said:

They will not accept that, the money should be in your new Fixed Deposit account for the 3 month requirement.

Perhaps the best timing would be soon after the 3 months after the Extension is issued. I recall someone posting they did this OK. Although one can never be sure what an IO will decide!

[Max69xl]

7 hours ago, tgeezer said:

Is there any police order which specifies that the money has to be held in a bank? If not then we are all guilty of applying ‘common sense’ in using deposits in a bank as the means of proof. I have no idea whether the dates of withdrawal and deposit of a sum of money were the same in my case. However I am confident in saying that 800,000THB withdrawn from one account in your name and deposited in another account in your name will be considered to have been in your possession the whole time.  I am a great believer in common sense and although it might or perhaps cannot be applied at the front desk level of Immigration it can be applied at higher levels. 

"Is there any police order which specifies that the money has to be held in a bank?"

Of course there is. That's why it's called "money in the bank method" and the proof is the bank letter from the bank. 

Would you prefer having your money in a shoe box under your bed? This thread is about moving money to a FDA with an interest as high as possible. 

 

[Max69xl]

5 hours ago, jacko45k said:

Perhaps the best timing would be soon after the 3 months after the Extension is issued. I recall someone posting they did this OK. Although one can never be sure what an IO will decide!

The money should be "in a thai bank" 2 months before and 3 months after the application. Your bank can issue bank letters for both of your accounts. It's about having the required amount of money in the bank. You can have (for some reason) more than one account and still have >800k in the bank. BUT,have those accounts in the same bank. Otherwise you might have a problem with immigration. 

[Catoholic]

if you moved the money out of one bank account and into another bank account the same day you would have the bank books showing the money was continuously in the bank. it might be irregular but I would do it, if I was getting a better rate.

Edited January 9, 2020 by Catoholic

[DrJack54]

9 minutes ago, Catoholic said:

if you moved the money out of one bank account and into another bank account the same day you would have the bank books showing the money was continuously in the bank. it might be irregular but I would do it, if I was getting a better rate.

So answer this....I almost made a mistake not long ago. Probably because been here several years doing the money in bank when 3 month post not required. Almost withdrew 20k. Folk have made this mistake and quickly re deposit. 

Acceptable? Maybe. The bankbook print out will show balance 800 on that day but will also show balance less by 20k.

You get a##h### interest good luck..

Back to OP don't do it. My interest FD 1.55%. nothing

Edited January 9, 2020 by DrJack54

[Max69xl]

29 minutes ago, Catoholic said:

if you moved the money out of one bank account and into another bank account the same day you would have the bank books showing the money was continuously in the bank. it might be irregular but I would do it, if I was getting a better rate.

That's the only way you can do it.

Why would it be "irregular"? You will also have the bank letter from the bank as proof of having the money in the bank the whole time. 

[pauleddy]

I am pondering whether to quit, and return to my ex-home in Spain.

 

The 800k is in a normal SCB account.

 

If i go, can I just transfer the money to my UK a/cs, or do the banks notify Immig of no 800k any more? Or should I just spend it as living expenses and run it down, provided I leave in time? It's a lot to spend.

[Max69xl]

1 hour ago, pauleddy said:

I am pondering whether to quit, and return to my ex-home in Spain.

 

The 800k is in a normal SCB account.

 

If i go, can I just transfer the money to my UK a/cs, or do the banks notify Immig of no 800k any more? Or should I just spend it as living expenses and run it down, provided I leave in time? It's a lot to spend.

Yes, you can repatriate your money.

The question is when you're leaving. Why would the bank notify immigration about your money? The answer is no. How far are you into your 1 year extension?