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I have just transferred 800,000baht to my deposit account. It is shown as an international transfer. There are other receipts in the fixed account. If I withdraw money from the account Immigration might count the withdrawals as from the 800,000? So maybe I need a separate fixed account for the immigration money? Grateful for advice.

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2 hours ago, NCC1701A said:

both ways ok but i have fixed so it is easier for them to see that the balance never drops below 800,000. my regular saving balance is all over the place with a large number of transactions. 

 

and the bank gives a letter for fixed accounts, not statements. also easier for them to understand. less numbers. 

 

money goes in. nothing ever comes out. 

Thanks - that's helpful.

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43 minutes ago, Kerryd said:

A lot of people put their "visa money" into a Fixed Term deposit to keep it separate from their day-to-day savings account.

That keeps them from accidentally spending any of it and makes it easier when it comes time to renew their Extensions. The easier you can make it for Immigration, the easier it will be for you.
I just did my renewal a couple weeks ago. Updated my bank book and when I went to Immigration, the IO checking the photocopy of the bank book highlighted the current balance as well as the balance from last year (as I generally only update it once or twice a year at most). That made it easy for them to see that I had the proper amount in the account for the proper time.

Having the money in a Fixed Term account earns a little more interest but if you need the money for any reason you can still get it quickly (but could lose some interest). As well, Fixed Term accounts don't come with an ATM card and you (personally) have to go to the bank to do a transaction on the account.

That prevents anyone from "accidentally" (or purposely) taking the money, even if they somehow get a hold of your ATM card and PIN.

Thank you for more good advice. The security aspect is important!

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I thoight immigration did not likr fixed accounts as they want to see that you a tually have funds for living on daily basis and see the account being used ??? 

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so the account is "for immigration"  only, but that give dirty looks & questions how one support themselves.... why is that even a question, as the 400/800k is there for 10+ years

 

more money in a saving account that never is touched, I guess most IO cannot phantom this idea... 1 - 2 years of their full salary on a saving account just sitting there... 

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4 minutes ago, YorkshireTyke said:

What interest rate is anyone getting with their fixed account please and with what bank ?

BKK Bank 1.5%, but I do not know the rate, when they renew the term, which will happen this month, may be less. I also pay 15% of the earned interest in Government taxes.

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I have had my "visa money" in a Fixed Term deposit for over a decade now and Immigration (at Jomtien) has never once given me a dirty look or questioned what I was living on.
When my dad moved here (12 years ago), he set aside his "visa money" in a Fixed Term account as well and never had an issue about it.

And that was before they decided that some of us needed to keep half the money in the bank all year. (Which, before, was supposed to be what they thought we needed to live on and then they decided we should keep half of it locked up all year round. But only if you are "retired". And not using the "income method". Or married.)

But as is always noted, every Immigration office is different and what Jomtien wants/accepts may not be what another office (or any other office) wants or is willing to accept. Years ago I remember hearing people say that Immigration (in some places) wanted to see "a transaction" on the account being presented, even if it was just for 100 baht. 

Almost like they didn't believe the person in front of them actually had access to the account they were claiming as "proof" of funds. You know, like how some people were using Embassy letters as a way to get around the "income" method of proving funds because they knew no one had any way of actually verifying if the amounts they were claiming were true. Or how other people were using "agents" who provided them with an "account" they could use long enough to get their Extension renewed.

I remember the first couple of extensions I did, they only wanted a photocopy of the bank book page that showed the current (updated) balance. Plus the "bank letter" of course.
For the last few Extensions though, I've had to provide a photocopy of the first pages of the bank book as well, where it shows my name and the account number. Seems maybe they started thinking that maybe some people were trying to pass off accounts that didn't belong to them so they started wanting more proof that the account being presented actually belonged to the person presenting it.

(Again, this is at Jomtien and other Immigration offices may differ. In fact, even other Immigration Officers in the same office may differ as to what they want or will accept when it comes to the paperwork you have to submit.)

The interest on the Fixed Term accounts isn't great but actually, it's more than enough to pay for my annual Extension renewal and new Multi Re-entry permit. I just checked, the Bangkok Bank account I have automatically renews every year and is set at 1.5% interest. On 800k you net a little under 10,000 baht in interest after taxes. Cost to renew Extension and Multi Re-Entry permit - 5,800 baht. I just leave the interest in there to roll over.

For me, the Fixed Term account simplifies things so I don't have to stress out every year when I go to renew my Extension. 
 

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If I decide to move to Malaysia or Japan can I have easy access to my 800,000 in SCB (if I have a destination bank?). Presumably I do this after I renew my Retirement Ext or at any time before the next due date. I guess there will be transaction costs.

 

I was worried about this because I read that only 50,000b can be taken out of Thailand. Do the banks alert immigration that PaulEddy no longer has the money which entitles him to renew his Ret. Ext? Am I here illegally, or am I just being paranoic?

 

On the same note, if I am determined to move, I will not need a re-entry permit. If I ever came on holiday I would simply get 1 month stay at the airport?

 

Eddy

 

 

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42 minutes ago, pauleddy said:

If I decide to move to Malaysia or Japan can I have easy access to my 800,000 in SCB (if I have a destination bank?). Presumably I do this after I renew my Retirement Ext or at any time before the next due date. I guess there will be transaction costs.

 

I was worried about this because I read that only 50,000b can be taken out of Thailand. Do the banks alert immigration that PaulEddy no longer has the money which entitles him to renew his Ret. Ext? Am I here illegally, or am I just being paranoic?

 

On the same note, if I am determined to move, I will not need a re-entry permit. If I ever came on holiday I would simply get 1 month stay at the airport?

 

Not sure in baht but it used to be 15,000 in us dollars

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My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

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19 minutes ago, pauleddy said:

My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

You can arrange for the transfer at your bank. You will have to complete a application form to do it. Check with your about about what is required.

They certainly would not notify immigration if you moved it out of your account.

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18 hours ago, flossie35 said:

Thanks - good news!

You never withdraw money from a Fixed Deposit Account because the interest rate will drop to the same rate as for a common savings account ~0.5%. The whole idea with parking the money in a FDA is the better interest rate. You should keep the 800k (or a little bit more) for immigration purposes and have a savings account for general expenses.

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47 minutes ago, pauleddy said:

My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

>> Did sent you a PM addressing the issue.

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4 hours ago, anfh said:

I thoight immigration did not likr fixed accounts as they want to see that you a tually have funds for living on daily basis and see the account being used ??? 

That was before 2019 - now they require 800k or more be in bank 5 months of the year and 400k or more the remaining months.  So a bit hard to use funds for living or even emergency medical expense anymore.

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You can keep your money hidden and so not let on how you have, transferring in from overseas when you need it. A way around this is going to a visa office as I did, it cost me 25,000b, but I did not have to put up any cash the agent handled it.  A word of warning, only go to an agent who other farangs go to, as you have to hand over your bank book for a short time and allow them to create the documentation.

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5 hours ago, Kerryd said:

Fixed Term accounts don't come with an ATM card and you (personally) have to go to the bank to do a transaction on the account.

That prevents anyone from "accidentally" (or purposely) taking the money, even if they somehow get a hold of your ATM card and PIN.

Which can prove very inconvenient, and expensive, when you're dead. Expensive, because in all likelihood, that fixed account will need to go through probate before reaching its beneficiary. And on this forum, we've seen the cost of some probates in the 50,000 baht range. Ouch.

 

But a savings account can be emptied out by someone, presumably your beneficiary, upon your death. And that beneficiary can even be a co-signatory on this savings account, if set up that way, meaning she can take your passbook to the teller and take out whatever she wants. Her name doesn't physically show up (except under UV) on the passbook -- so your account appears to Immigration for exactly what it is: your individual account, i.e., no question of jointness. And, of course, unlike with a fixed account, your savings account proceeds can be removed with an ATM card, or with an online transaction. All very handy to avoid probate.

 

Yeah, the legality of all of this, when you're dead, is questionable -- and lots of discussion about this on the Will threads. But a fait accompli, without any aggrieved party, wouldn't seem to get any legal hackles up. In fact our bank manager out here in the sticks, with a wink and a nod, advised us to do it that way. (The wife's co-signatory power probably evaporates upon my death, same as for a power of attorney. But, who's going to compare death date with the date my account gets cleaned out.....?)

 

And, with today's crummy interest rates, not much opportunity cost from not having the interest from a fixed account.

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True.
In my case (or my dad's case) - his female companion had apparently been stealing 20,000 baht a day from his account while he was bed-ridden with late stage lung cancer. She told him the money was for medicine. 20,000 a day !
When I came back on holiday she tried to steal the balance of his account before I could find out what was going on but the bank balked. They let her get away with taking 20,000 a day for weeks without seeing dad or even calling him, but balked when she tried to take 250,000 in one shot.

After he died I took his passport, ID, ATM card and bank books and locked them in my house. I went back to work right after the ceremony and couldn't do anything with his estate until I got back again a couple months later.

That's when I found out that she had somehow managed to get a new bank book and apparently still had copies of a signed photocopy of dad's passport and was able to use that to continue taking 20,000 a day from his account until it was empty. She even went back 6 weeks later and swiped the small interest payment that was deposited.
I went to the bank and asked them how it was possible for her to do that when dad was dead and they shrugged their shoulders. No idea.

I had no idea she'd be able to somehow be able to keep taking money from his account when I had his bankbook and ATM card and passport (and phone even). The bank was supposedly supposed to phone him every time she went there to make a withdrawal on his behalf. I'm guessing she had some "inside" help as there is no way she should have been able to get a new bankbook without dad being there to sign it.

However, if that's the kind of thing you don't mind happening after you're gone, too easy. 

You can always set up 2 savings accounts. One for your day to day needs and one for the "visa money". Doesn't have to even be in the same bank.

And from experience, as long as you have a large enough balance, there's no account fee to whittle it down to nothing and the account can stay dormant for years without being closed. (I had an account I opened in 2009, put 5,000 into it and left it. Went in last year and it had gone "dormant" - sort of. It was still collecting a tiny amount of interest every year but I had to wait a day for them to "reactivate" the account before I was able to take the money out. Earned a whole 171 baht in interest (after taxes) over those 10 years !)

 

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