How to switch account from debit card to savings for 800k retirement extension

[Saltire]

For 5 years now I have kept my required 800k in a Krung Thai account with internet banking and a debit card. I also use it for transferring money from the UK as I need it.

 

With Covid keeping me from spending any money, the money in this account has grown to almost 1 m.

 

I would like to open a second account and move the 800k to a non internet, non debit card account to be more secure, i.e. less chance of me going under the 400/800k limits, as well as avoiding possible card fraud. Not to mention the insurance for deposit limit of 1m in Thailand.

 

If I do this I am sure immigration will see this as going below the required amount and put my renewal at risk. The fact that it probably could be done in one day may be acceptable, but one can never be sure with the IO.

 

Anyone done this with no issues?

 

 

 

 

[ubonjoe]

You can change to a different account unless you are within the 2 months before you apply for your extension.

Keep both bank books to show it they want proof you kept it in the bank after your last extension.

[Saltire]

3 minutes ago, ubonjoe said:

You can change to a different account unless you are within the 2 months before you apply for your extension.

Keep both bank books to show it they want proof you kept it in the bank after your last extension.

Thanks, so would the best time to do it be just after a renewal? I could open the new account before the renewal and do a transfer after renewal?

 

[ubonjoe]

9 minutes ago, Saltire said:

Thanks, so would the best time to do it be just after a renewal? I could open the new account before the renewal and do a transfer after renewal?

 

You can do it at any time after you apply for the extension up to 2 months before you apply for your extension.

Just be sure you keep you old bank book showing the transfer to your new account.

[dddave]

Note to OP:  Most debit card accounts opened for foreigners by the major banks are savings accounts.  Checking accounts are hard to come by.

Remember that Immigration regulations require that the B800K "be accessible", thus it can not be put in a CD or other limited access account.

[Saltire]

1 minute ago, dddave said:

Note to OP:  Most debit card accounts opened for foreigners by the major banks are savings accounts.  Checking accounts are hard to come by.

Remember that Immigration regulations require that the B800K "be accessible", thus it can not be put in a CD or other limited access account.

Yes thanks I am aware of that. If need be I can open another debit card account as the KTB internet banking allows you to freeze and unfreeze your card at anytime. I want to avoid 2 different banks to keep things simple. Not interested in paultry interest payment and taxation.

 

 

[ubonjoe]

9 minutes ago, dddave said:

Remember that Immigration regulations require that the B800K "be accessible", thus it can not be put in a CD or other limited access account.

The allow fixed term accounts but it has to be one that allows immediate withdrawal of the funds without delay or a penalty other than loss of interest.

[lopburi3]

Do not believe there is any need to change anything unless for higher interest of a FD account (which is not that much these days).  You can turn in your debit card and remove account from internet banking at any time - those are options on a normal savings account.

[sanmyintmaung]

1 hour ago, Saltire said:

I want to avoid 2 different banks to keep things simple. Not interested in paultry interest payment and taxation.

 

 

From August 11, 2021, deposit protection insurance will become 1 million Baht per depositor per financial institution. Better to put in two difference banks. 

[Chris.B]

Move the money in two transfers of THB 400,000 each on different days. That way you don't fall below the 400,000 baht requirement at any time. Don't move it up to 2 months before the extension or up to 3 months afterwards.

[Saltire]

1 hour ago, Chris.B said:

Move the money in two transfers of THB 400,000 each on different days. That way you don't fall below the 400,000 baht requirement at any time. Don't move it up to 2 months before the extension or up to 3 months afterwards.

Now that sounds like a good plan, thank you.

 

 

[Saltire]

1 hour ago, sanmyintmaung said:

From August 11, 2021, deposit protection insurance will become 1 million Baht per depositor per financial institution. Better to put in two difference banks. 

Understand, problem is only have 2 banks within an hour from me, KTB and the Government Savings Bank. Two banks already moved out of town so not much choice. Will need to look at what accounts the GSB offer. Thanks

 

 

 

 

[Saltire]

1 hour ago, lopburi3 said:

Do not believe there is any need to change anything unless for higher interest of a FD account (which is not that much these days).  You can turn in your debit card and remove account from internet banking at any time - those are options on a normal savings account.

Thanks

 

My goal is 2 accounts

 

1 for the 800 k which I will never use unless for additional savings.

 

2 for monthly transfers from the UK, paying bills, withdrawing cash etc keeping the 800k separate. This qay I am less likely to go under 400/800k by accident.

 

 

[Saltire]

2 hours ago, lopburi3 said:

Do not believe there is any need to change anything unless for higher interest of a FD account (which is not that much these days).  You can turn in your debit card and remove account from internet banking at any time - those are options on a normal savings account.

I like my debit card account with KTB, I just want to separate the 800k.

[BritTim]

1 hour ago, Saltire said:

Thanks

 

My goal is 2 accounts

 

1 for the 800 k which I will never use unless for additional savings.

 

2 for monthly transfers from the UK, paying bills, withdrawing cash etc keeping the 800k separate. This qay I am less likely to go under 400/800k by accident.

What @lopburi3is suggesting is what I believe is best and simplest. Make your existing account a regular savings account, either (for safety) removing debit card and Internet banking from it, or restricting what these are able to do. Next, create a new account and move your excess money out of the old account. The only downside of this is that the old account is not a fixed deposit account earning interest. The annual loss from this is currently not very much, but it could become an issue if interest rates rise.

[Saltire]

12 hours ago, BritTim said:

What @lopburi3is suggesting is what I believe is best and simplest. Make your existing account a regular savings account, either (for safety) removing debit card and Internet banking from it, or restricting what these are able to do. Next, create a new account and move your excess money out of the old account. The only downside of this is that the old account is not a fixed deposit account earning interest. The annual loss from this is currently not very much, but it could become an issue if interest rates rise.

Thanks for clarifying this option

 

I rely heavily on the debit card and the internet banking. As long as the new account comes with a debit card and internet banking this could work, but I am reluctant to trust the bank would understand what I need. With everything already working well on my account, I would have to change direct debits (Internet etc). If I could open a new savings account and transfer the 800k safely then the job is done. I just need to check if the IO will accept this. UbonJoe thinks it is possible if timed correctly.

 

[lopburi3]

4 minutes ago, Saltire said:

Thanks for clarifying this option

 

I rely heavily on the debit card and the internet banking. As long as the new account comes with a debit card and internet banking this could work, but I am reluctant to trust the bank would understand what I need. With everything already working well on my account, I would have to change direct debits (Internet etc). If I could open a new savings account and transfer the 800k safely then the job is done. I just need to check if the IO will accept this. UbonJoe thinks it is possible if timed correctly.

 

In that case might be best to transfer 400k into one FD account and then second 400k into another FD account (during period only 400k required in account to be double sure).  Should not be any issue showing two accounts for immigration and in the event money is needed, such as a medical emergency, one could be used 7 months of the year without issue for extension of stay.

[Gottfrid]

If you have good relations with your bank, you might find it easier to let the 800k stay as a debit account already is a savings account. Instead you might consider opening a new account and move over the 200 000 baht instead. Close the card for old account and get one for the new account. Then just transfer money you need to the new account instead. Just a thought. 

[Tracyb]

Why not open a new account to use for your daily transactions and fund it from your existing account being careful to leave the 800k…plus a small cushion, in the original account. Then, just put away the debit card for the 800k account, or…..hand it back to your bank to be deactivated if you’re not sure you’ll be able to “ control yourself, prevent inadvertent withdrawals, fall prey to atm fraud,” etc…..

 

This would address any concerns you might have with extension renewals and immigration concerns.

[rwill]

Fixed Deposit Accounts don't have a debit card,  at least with SCB anyway.  But you can still check the balance online.  And they pay about twice the interest of a normal savings account.  

[mrfaroukh]

Very simple. Open a new account.

[Pib]

On 7/18/2021 at 11:58 AM, ubonjoe said:

You can do it at any time after you apply for the extension up to 2 months before you apply for your extension.

Just be sure you keep you old bank book showing the transfer to your new account.

Why couldn't he do it "before" applying for the extension if funds are electronically transferred from the old acct to the new acct...such an electronic transfer would occur in seconds which means he never dropped below 800K or 400K between the two accts.  He would need to open the new acct first....fund it with the typical Bt500 so it would be open to receive the electronic transfer from the other acct.

 

About a half dozen years ago when I was using Bangkok Bank fixed savings acct for my Bt800K I opened and closed fixed accts "same" day around a half dozen times.  And one time it was only about one month before I applied for my annual retirement extension.  The CW/Bangkok immigration officer didn't have an issue in me showing the required amount in two bank accts....one closed on day X with the entire amount transferred to the new acct on the same day.   

 

Now although my immigration officer didn't have an issue is it because some other immigration offices might not accept the funds being in two different accts? 

[ubonjoe]

13 minutes ago, Pib said:

Why couldn't he do it "before" applying for the extension if funds are electronically transferred from the old acct to the new acct...such an electronic transfer would occur in seconds which means he never dropped below 800K or 400K between the two accts. 

That is a standard suggestion since some offices have not accepted changing bank accounts during the 2 months before.

[Saltire]

Thanks for all the input.

 

My next extension is not till end Nov 2021 so here is what I plan to do.

 

1) Open a new account in Krung Thai as soon as I can get to the bank. If possible same type of account (ie with Internet and ATM card), and if also posssible make it a joint account with my wife.

 

2) I will move surplus funds to the new account to become my new day to day account for bills etc. I will move direct debits to the new account. I will leave 800k+ in the original account and freeze the debit card.

 

So as far as immigration are concerned the account they see wont change at all.

 

So I guess it's down to the choice of accounts on offer.

[lopburi3]

30 minutes ago, Saltire said:

Thanks for all the input.

 

My next extension is not till end Nov 2021 so here is what I plan to do.

 

1) Open a new account in Krung Thai as soon as I can get to the bank. If possible same type of account (ie with Internet and ATM card), and if also posssible make it a joint account with my wife.

 

2) I will move surplus funds to the new account to become my new day to day account for bills etc. I will move direct debits to the new account. I will leave 800k+ in the original account and freeze the debit card.

 

So as far as immigration are concerned the account they see wont change at all.

 

So I guess it's down to the choice of accounts on offer.

1.  Should be good - set up joint account so both have full access (they do or at least did have a type were both had to sign which would not be good in emergency).  Wife will have to visit with you.

2.  You do not want any debit card on current account (no reason to pay for something you do not use or want).  

 

Account you want is a normal joint savings account with debit cards.  All banks have.