Special question: Dual use bank deposit for retirement visa plus safe deposit box. Possible?

[Joe1593]

Hi everybody,

I was looking for a safe deposit box which seem to be hard to find nowadays, and got lucky just at the bank where I also have my fixed account for the 800 000.- I need every year to renew my retirement visa. This bank requires a fixed deposit of 500 000.- to be able to rent a safe deposit box there.  
I think it should be possible to use the fixed deposit of 800 000.- that I already have there. Does anybody know if immigration would object? Did anybody have this kind of dual purpose for the bank deposit before? Do I need to inquire at the immigration? What do you all think?

 

Best

Joe 

[ubonjoe]

A fixed deposit account can be used if you can do a withdrawal at any time without delay or penalty other than the interest that would be lost.

 

[Joe1593]

Thanks for the advice. That´s what I thought. I could do a withdrawal immediately after cancelling the safe deposit box. Would take just 5 minutes. So what now?  ????

[Joe1593]

I could withdraw 300 000.- without delay, and the rest of 500 000.- with a 5 minute delay.

 

[ubonjoe]

15 minutes ago, Joe1593 said:

Thanks for the advice. That´s what I thought. I could do a withdrawal immediately after cancelling the safe deposit box. Would take just 5 minutes. So what now? 

Immigration would not be aware of the conditions for the account unless it was written in your bank book for the account. But the bank might deduct the 500k baht from the balance when do the bank letter needed for the extension. Some banks have done that for accounts that have a credit card tied to them for the amount of the credit line allowed.

[Joe1593]

Ok, thanks a lot, @Ubonjoe! I think I see clearer now. I´ll have to inquire how the bank would handle that. 

[Jaxxper]

We have a safe deposit box with the SCB. I think first year was Thb 7,500 and beyond that about Thb 2,200 PA. There was no deposit required ( unless it was in the first years payment). Our bank is on Pattaya 2nd road, intersection with Pattaya Klang. You don’t say where you are. Could try them if convenient. 
Must say Thb 500,000 seems a lot for a safe deposit box deposit, unless I’ve misunderstood your post.

[Lacessit]

11 minutes ago, Jaxxper said:

We have a safe deposit box with the SCB. I think first year was Thb 7,500 and beyond that about Thb 2,200 PA. There was no deposit required ( unless it was in the first years payment). Our bank is on Pattaya 2nd road, intersection with Pattaya Klang. You don’t say where you are. Could try them if convenient. 
Must say Thb 500,000 seems a lot for a safe deposit box deposit, unless I’ve misunderstood your post.

This is Thailand. Everyone makes up their own set of rules, as they go along.

[khunPer]

On 1/29/2021 at 5:31 AM, Joe1593 said:

I was looking for a safe deposit box which seem to be hard to find nowadays, and got lucky just at the bank where I also have my fixed account for the 800 000.- I need every year to renew my retirement visa. This bank requires a fixed deposit of 500 000.- to be able to rent a safe deposit box there.  

To me it sounds like the safes are reserved to customers with a certain amount of bank business, just like we have in some European countries, where you can be kind of normal customer; or a preferred customer with a certain minimum sum of business in loans, deposits, and mutual funds or like; or elite customers when your bank-business reach a higher sum...????

 

Why not just ask the bank about the 500k baht conditions for renting a safe, they might even have an English translation...????

[LukKrueng]

On 1/29/2021 at 11:31 AM, Joe1593 said:

Hi everybody,

I was looking for a safe deposit box which seem to be hard to find nowadays, and got lucky just at the bank where I also have my fixed account for the 800 000.- I need every year to renew my retirement visa. This bank requires a fixed deposit of 500 000.- to be able to rent a safe deposit box there.  
I think it should be possible to use the fixed deposit of 800 000.- that I already have there. Does anybody know if immigration would object? Did anybody have this kind of dual purpose for the bank deposit before? Do I need to inquire at the immigration? What do you all think?

 

Best

Joe 

I think the 500k is not used as a guarantee for the box, but just a threshold for renting it, or else anyone who wants a safe would just open an account with couple of baht and ask for a box. Once you get the box in pretty sure you'd still be able to withdraw money from your account should you need it. 

[KhaoYai]

On 1/29/2021 at 4:31 AM, Joe1593 said:

I was looking for a safe deposit box which seem to be hard to find nowadays, and got lucky just at the bank where I also have my fixed account for the 800 000.- I need every year to renew my retirement visa. This bank requires a fixed deposit of 500 000.- to be able to rent a safe deposit box there.

Kasikorn have safety deposit boxes - I was never asked to have any deposits at all.  However, I won't be renewing my rental agreement when it expires because the security at my branch is very slack. Despite having a security keypad on the door to the box room, the door is usually left open duing banking hours.