Non OA extension -- bank accounts and insurance

[peterdwje2]

 

1.       I will do my 4th annual extension this month at CW. Can someone advise:

 My bank balance in one account inadvertently dipped to 796,000 for 2 days, a month after I did my extension last year. I do have another bank account; the total the two accounts if over 800,000. However, I see a thread that says a Chiang Mai officer did not accept 2 accounts, must be all in one account. Can someone with similar situation assure me that’s not the case at CW?

2.       Last year I kept my international insurance policy and bought the cheapest LMG to meet the approved-policy requirement. Has any better alternative emerged since then?

[Danny Australia]

The total of two accounts over 800 k should be acceptable.

To my knowledge, LMG policy is still the best and cheapest.

Good luck

[ubonjoe]

1. I think they would accept 2 account to prove the 800k baht during the 3 months after you applied plus you topped up your account as soon you discovered the error.

2. Same as the previous post.

[JackGats]

I had two accounts in the same bank, both of which were under 800k but the two together hadn't dipped under 1.3 million for over 14 months.  Yet there was a problem according to the agency (in Pattaya) and they charged me 2000 Baht extra. Not sure the problem was the two accounts though. There was also a story about "time not enough". I took this to mean the time I could show sufficient money had been on my account.

 

Thing is, I came back to Thailand two weeks before renewing my visa so I couldn't update my savings books until two weeks before renewing. Before that there were 8 months without any updating. This worries me because that would mean I need to be in Thailand not only once every year when my extension is due, but also at least 3 months before the due date in order to update my savings book(s) and be able to prove I've had the 800k for 3 months on my account.

 

Why can't the bloody bank testify that my account never went under over a million? I thought banks had software to do this. As it turned out, the "letter from the bank" only stated that on the date of the letter, book A had 700k on it and book B had 600k on it. Dumb.

[tonray]

1 minute ago, JackGats said:

I had two accounts in the same bank, both of which were under 800k but the two together hadn't dipped under 1.3 million for over 14 months.  Yet there was a problem according to the agency (in Pattaya) and they charged me 2000 Baht extra. Not sure the problem was the two accounts though. There was also a story about "time not enough". I took this to mean the time I could show sufficient money had been on my account.

 

Thing is, I came back to Thailand two weeks before renewing my visa so I couldn't update my savings books until two weeks before renewing. Before that there were 8 months without any updating. This worries me because that would mean I need to be in Thailand not only once every year when my extension is due, but also at least 3 months before the due date in order to update my savings book(s) and be able to prove I've had the 800k for 3 months on my account.

 

Why can't the bloody bank testify that my account never went under over a million? I thought banks had software to do this. As it turned out, the "letter from the bank" only stated that on the date of the letter, book A had 700k on it and book B had 600k on it. Dumb.

You need statement(s) that cover a full year to prove that. I never update my book during the year. 

[ubonjoe]

2 minutes ago, JackGats said:

Why can't the bloody bank testify that my account never went under over a million? I thought banks had software to do this. As it turned out, the "letter from the bank" only stated that on the date of the letter, book A had 700k on it and book B had 600k on it.

You can resolve the bank book not being updated by getting a one year bank statement at your bank. 

If Bangkok Bank it takes a week to get one.

[tonray]

3 hours ago, ubonjoe said:

You can resolve the bank book not being updated by getting a one year bank statement at your bank. 

If Bangkok Bank it takes a week to get one.

You can get one while you wait at the Silom Road headquarters I'm told. This is what I'll do this year. 

[ubonjoe]

8 hours ago, tonray said:

You can get one while you wait at the Silom Road headquarters I'm told. This is what I'll do this year. 

That would be possible if living in Bangkok. I have read reports of it taking 2 or 3 days to get now.

[DrJack54]

17 hours ago, peterdwje2 said:

Can someone with similar situation assure me that’s not the case at CW?

Are the two accounts you refer to with different banks. 

I use FD and Savings a/c for money in bank RT at CW. No issue. Those 2 accounts with one bank.

Different banks might be an issue.

 

[peterdwje2]

2 hours ago, DrJack54 said:

Are the two accounts you refer to with different banks. 

I use FD and Savings a/c for money in bank RT at CW. No issue. Those 2 accounts with one bank.

Different banks might be an issue.

 

Both savings accounts at Bangkok Bank. So neither of your two accounts reaches 800,000 (at least during the required periods) but they both total that, and you present the two accounts when extending OA retirement? Do you get two bank certification letters? Thanks.

[ubonjoe]

54 minutes ago, peterdwje2 said:

Do you get two bank certification letters?

Yes

A letter for each account is required.

[DrJack54]

1 hour ago, peterdwje2 said:

Both savings accounts at Bangkok Bank. So neither of your two accounts reaches 800,000 (at least during the required periods) but they both total that, and you present the two accounts when extending OA retirement? Do you get two bank certification letters? Thanks.

So the FD account is 600k plus and the Savings 200k+. I only ever use them for annual extension RT. Originally had non O but the financial requirements the same as non O-A

 Kasikorn branch CW did one letter as statement for immigration and both accounts were mentioned in this letter. 100baht.

I also make a deposit into each account and ask clerk to photocopy last page to show deposits on the day of application.

 

Have never needed statements.

There have been threads where folk have said that they were asked for statements.

That occurs when they use it as everyday a/c and make many transactions. Sometimes these are consolidated.

 

 

[Tanoshi]

19 hours ago, JackGats said:

I had two accounts in the same bank, both of which were under 800k but the two together hadn't dipped under 1.3 million for over 14 months.  Yet there was a problem according to the agency (in Pattaya) and they charged me 2000 Baht extra. Not sure the problem was the two accounts though. There was also a story about "time not enough". I took this to mean the time I could show sufficient money had been on my account.

May I suggest you do as many others do.

Put 800K in a 12 month Fixed Term deposit account. 1.2% interest rate, no debit card, so impossible to 'accidentally' go under the 800K requirement. Use that account solely for Immigration purposes.

 

Then a Savings account, 0.5% interest, with debit card for daily living expenses, bill payments.

Simple.

Edited June 1, 2021 by Tanoshi

[JackGats]

3 hours ago, Tanoshi said:

May I suggest you do as many others do.

Put 800K in a 12 month Fixed Term deposit account. 1.2% interest rate, no debit card, so impossible to 'accidentally' go under the 800K requirement. Use that account solely for Immigration purposes.

 

Then a Savings account, 0.5% interest, with debit card for daily living expenses, bill payments.

Simple.

Did that before. Then found out my telebanking didn't allow any transfer FROM the fixed account to the current account. So I preferred to leave excess cash with the broker (Bualuang). No problem shuffling cash from and to the broker's account. Good interest rate with the broker as well.

[Tanoshi]

3 minutes ago, JackGats said:

Did that before. Then found out my telebanking didn't allow any transfer FROM the fixed account to the current account.

That's why it's called a Fixed account.

You agree to fix a sum of money for a period of time.

You can withdraw via the counter but will lose some interest.

 

Never heard of a 'Brokers ' account at any of the banks.

Obviously if your shuffling of cash means you drop under the 800K requirement at the wrong time, then you will have a problem. Of course if your using an agent, they can overcome these issues, for a fee.

[peterdwje2]

5 hours ago, Tanoshi said:

May I suggest you do as many others do.

Put 800K in a 12 month Fixed Term deposit account. 1.2% interest rate, no debit card, so impossible to 'accidentally' go under the 800K requirement. Use that account solely for Immigration purposes.

 

Then a Savings account, 0.5% interest, with debit card for daily living expenses, bill payments.

Simple.

I'd like to take your advice.  However, 3-4 branches of Bangkok Bank where in checked would not open fixed account without work permit, which of course retirees do not have. May I ask where/how you opened your account, if in Bangkok?

[JackGats]

26 minutes ago, peterdwje2 said:

I'd like to take your advice.  However, 3-4 branches of Bangkok Bank where in checked would not open fixed account without work permit, which of course retirees do not have. May I ask where/how you opened your account, if in Bangkok?

Again bank employees inventing rules to save themselves some work. I opened not only a fixed account, but also a broker's account on a retirement visa. Bangkok Bank 2nd road in Pattaya.

[Jen65]

2 hours ago, Tanoshi said:

That's why it's called a Fixed account.

You agree to fix a sum of money for a period of time.

You can withdraw via the counter but will lose some interest.

 

Never heard of a 'Brokers ' account at any of the banks.

Obviously if your shuffling of cash means you drop under the 800K requirement at the wrong time, then you will have a problem. Of course if your using an agent, they can overcome these issues, for a fee.

You don't need to have a fixed term deposit account . You can just have a "deposit" account and in one of several currencies BUT you don't get any interest .  However you CAN take money out , change into Thai Baht at the TT rate (if that was how it was brought in ). Also it leaves you able to access that capital in an emergency ( hopefully outside the 3 month prior and one(?) month after requirement for extension of stay)   

[Tanoshi]

1 hour ago, peterdwje2 said:

I'd like to take your advice.  However, 3-4 branches of Bangkok Bank where in checked would not open fixed account without work permit, which of course retirees do not have. May I ask where/how you opened your account, if in Bangkok?

Have you managed to open a Savings account?

When I first entered Thailand I opened a Savings account and transferred £20,000, equivalent to 1,200,000 baht. I then opened a Fixed Term account and transferred 800K into that.

The 800K FTD account was purely to meet and use for extension of stay purposes.

 

It was very easy in those days. I needed no more than my Passport and signed copies of my landlords Tabien Baan and ID card as proof of Thai address. These days many foreigners struggle to open an account. Even in my Province they will now only accept proof of Thai address via a residence certificate issue by Immigration or your Embassy and usually require someone to refer you.

 

Make sure you meet the requirements and print out these details from their website and take this along with you.

Savings Account (bangkokbank.com)

For foreigners

1. Foreigner with a work permit

• Passport
• Work Permit
   

 2. Foreigner without work permit

• Passport
• A reference letter issued by one of the following institutes or organizations or required document
  • Embassy located  in Thailand 
  • An overseas bank where the customer holds an account sent via SWIFT 
  • Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institutes located in Thailand trusted by the Bank
  • Trusted companies, e.g., an employment letter from the company if the customer is in the process of applying for a work permit.
  • Document showing ownership of a fixed asset such as a condominium sale/purchase agreement (a condominium which is acceptable to Bangkok Bank) Or a property reservation agreement valued at 100,000 baht or more with a reference letter from the property developer that is acceptable to Bangkok Bank.
     

Notes: Contact addresses for both Thailand and overseas must be provided (hotel and P.O. Box addresses are not acceptable).

 

It was I do find these days that staff are not very trained or versed in opening accounts for foreigners. Ask for the manger if you encounter problems.

Have you enquired at their Head Office: 333 Silom Road, Silom, Bang Rak, Bangkok.

[Tanoshi]

1 hour ago, JackGats said:

I opened not only a fixed account, but also a broker's account on a retirement visa. Bangkok Bank 2nd road in Pattaya.

Bangkok Bank offer many different types of accounts, some Thais only, others for Thais and foreigners, but a 'Brokers' account is certainly not one of them.

Foreign Customers (bangkokbank.com)

[Tanoshi]

39 minutes ago, Jen65 said:

You don't need to have a fixed term deposit account . You can just have a "deposit" account and in one of several currencies BUT you don't get any interest .  However you CAN take money out , change into Thai Baht at the TT rate (if that was how it was brought in ).

To prevent going under any financial requirement for Immigration and therefore be refused your next extension application, I only advise you deposit this amount in a separate account without a debit card to prevent an accidental withdrawal. Whether it be 400 or 800K.

 

What your suggesting is a Foreign currency account, however for two reasons I wouldn't recommend that method against a Fixed Term account.

1. Foreign currency are not covered by the Deposit Protection Act, meaning if the bank goes west, your foreign currency goes east. 

2. Why deposit such an amount in an account that offers no interest, when you can deposit it in a different type of account where you can get 1.2% interest.

 

Also be aware from August 11th 2021, the Deposit Protection Agency will lower the deposit coverage limit to 1 million baht, per one depositor per financial institution.

In other words if you have more than 1 million baht in one bank, dived the excess between other accounts in other banks to safeguard your money.

Deposit Protection (bangkokbank.com)

 

59 minutes ago, Jen65 said:

Also it leaves you able to access that capital in an emergency ( hopefully outside the 3 month prior and one(?) month after requirement for extension of stay)   

 

You can access your funds in a Fixed Term account at any time. The funds are immediately available if required.

It's 800K for 2 months prior and 3 months after for retirement extension. 400K for the remainder of the year.

[DrJack54]

1 hour ago, peterdwje2 said:

I'd like to take your advice.  However, 3-4 branches of Bangkok Bank where in checked would not open fixed account without work permit, which of course retirees do not have. May I ask where/how you opened your account, if in Bangkok?

Did you even read my post above.

Go to Kasikorn and open whatever you want without Bangkok bank rubbish or work permit. 

 

[JackGats]

27 minutes ago, Tanoshi said:

Bangkok Bank offer many different types of accounts, some Thais only, others for Thais and foreigners, but a 'Brokers' account is certainly not one of them.

Foreign Customers (bangkokbank.com)

You open a broker's account (to play the stock exchange) with a brokerage firm. Bangkok bank have their own associated brokerage firm called Bualuang Securities. I opened a Bualuang account through my Bangkok Bank office. The Bualuang account is linked to my Bangkok Bank account in the sense that dividends from  stocks/shares are paid direct to my Bangkok Bank "savings book".

[Tanoshi]

10 minutes ago, JackGats said:

You open a broker's account (to play the stock exchange) with a brokerage firm. Bangkok bank have their own associated brokerage firm called Bualuang Securities. I opened a Bualuang account through my Bangkok Bank office. The Bualuang account is linked to my Bangkok Bank account in the sense that dividends from  stocks/shares are paid direct to my Bangkok Bank "savings book".

 

Thank you, it's a Bualuang account.