Retirement Extension - Chaeng Wattana (800K): Fixed Deposit account acceptable?

[SooKee]

Plan on changing next time I go to renew from the 65K monthly to the 800K in the bank.  Over time I seem to recall a few posts saying that FD accounts weren't accepted at CW, is that the case currently?  I like the idea of having the funds separated from regular banking but, if the FD rates are no better than savings accounts rates, I do have a couple of almost redundant savings accounts that I could use.

 

Not sure if it's me but has the search function here deteriorated since the change to AN?  I never had much luck before, but now (insert roll eyes emoji that doesn't work).  I tried loads of options, with and without filters, any words, all words, the phrase etc etc but I turn up nothing.  Even went back 20 pages in the Visas forum but of course it could be under Banking or wherever.

[ubonjoe]

Chaeng Wattana immigration and many other offices will accept a fixed deposit account. The account must allow immediate withdrawal of the funds without delay or penalty other than loss of interest.

[SooKee]

Thanks for the speedy reply.

[gk10012001]

3 hours ago, ubonjoe said:

Chaeng Wattana immigration and many other offices will accept a fixed deposit account. The account must allow immediate withdrawal of the funds without delay or penalty other than loss of interest.

Hmmm.  Hard to imagine there not being some sort of penalty of withdrawal fee.  The devil would be in the details.

[fishtank]

3 minutes ago, gk10012001 said:

Hmmm.  Hard to imagine there not being some sort of penalty of withdrawal fee.  The devil would be in the details.

No penalty or withdrawal fee.

No problems at all In fact pretty easy.

Edited July 23, 2021 by fishtank

[gk10012001]

1 minute ago, fishtank said:

No penalty or withdrawal fee.

No problems at all In fact pretty easy.

Oh I am sure it is easy.  I just have trouble believing a bank would go through the paperwork without charging something.  If some or most or all do it for free, well, good for the investor

[Airalee]

2 minutes ago, gk10012001 said:

Oh I am sure it is easy.  I just have trouble believing a bank would go through the paperwork without charging something.  If some or most or all do it for free, well, good for the investor

They just ding you on the interest.

 

From the Bangkok Bank website…

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Fixed-Deposit-Account

 

 

[DrJack54]

1 minute ago, gk10012001 said:

Oh I am sure it is easy.  I just have trouble believing a bank would go through the paperwork without charging something.  If some or most or all do it for free, well, good for the investor

Many folk use FD account. 

I likewise use that at CW for extensions.

You obviously keep slightly above the minimum 800k. Do that also for savings account to cover such things as annual charge for card if you have one.

OP, if you have an existing savings account then personally I would just use that. 

It's a good idea to have an account just for your extensions. Leave the 800k+ all year untouched is bullet proof.

[skatewash]

Krungsri Bank's Mee Tae Dai Savings Account is currently paying 1.00% APR earned daily and paid monthly.  It's a regular savings account with none of the drawbacks of a fixed deposit account (no loss of interest earned on a withdrawal, doesn't need to be rolled over on maturity, if you open an account with your Thai Tax ID there's no automatic 15% withholding, interest rate floats not fixed).

Deposits more than Baht 100,000 and up to Baht 5 million earn 1.00% APR.

Have used this account for retirement extensions for years and has always been accepted.  Would allow you to withdraw up to 400,000 baht during the period of the year that is neither 2 months before or 3 months after your application date.

[SooKee]

Thanks for the comments, useful.  At the moment I have accounts with Kasikorn and Bangkok Bank so prefer to stick with those, partially because I can't be bothered with the run around rigmarole of 'can I / can't I' open an account, especially at this period in time.  Even with the FD account, if the answer is anything other than "Yes, no problem" I won't go down that route either.  Hopefully, already having accounts at both banks will make at least one of them easier, Kasikorn would be the preferred option.  

 

On top of that I really just need to see if it's worth opening an FD.  On the savings account the interest is negligible so I'll need to check the rates on the FD accounts vs regular savings at the banks I have accounts rather than shopping around for the best.  If there's not much in it, I'll just stick with effectively moth-balling one of the savings accounts and drop 850,000 into it, likely Bankgok Bank as I only opened that when the Embassy letters stopped and the proof of overseas transfers being needed (which I find is easier using Wise and Bangkok Bank).  Even at 0.5% it's 4,250 year, peanuts in comparison but it'll cover the extension costs etc.  I'll then keep the Kasikorn account live for transfers when it suits as transfers to Kasikorn are instant with Wise whereas they can take up to 24 hours (working day) with Bangkok Bank.  

 

Just got tired of the hassle with monthlies, remember to do the transfer before the end of the month, make sure there's no public holiday, check the transfer is FTT, update the bank book each month, get the statements, get credit advices if the IO wants them.

[MeaMaximaCulpa]

Two things to look out for:

 

1) "Promotional FD account" (e.g. special offer interest rate) may stop after the first year, with no automatic rollover into next year(s). This could be a problem.

 

2) FD account used as "guarantee" for a credit card for us untrustworthy falangs. That means no immidiate access to funds.

[skatewash]

7 hours ago, SooKee said:

Thanks for the comments, useful.  At the moment I have accounts with Kasikorn and Bangkok Bank so prefer to stick with those, partially because I can't be bothered with the run around rigmarole of 'can I / can't I' open an account, especially at this period in time.  Even with the FD account, if the answer is anything other than "Yes, no problem" I won't go down that route either.  Hopefully, already having accounts at both banks will make at least one of them easier, Kasikorn would be the preferred option.  

 

On top of that I really just need to see if it's worth opening an FD.  On the savings account the interest is negligible so I'll need to check the rates on the FD accounts vs regular savings at the banks I have accounts rather than shopping around for the best.  If there's not much in it, I'll just stick with effectively moth-balling one of the savings accounts and drop 850,000 into it, likely Bankgok Bank as I only opened that when the Embassy letters stopped and the proof of overseas transfers being needed (which I find is easier using Wise and Bangkok Bank).  Even at 0.5% it's 4,250 year, peanuts in comparison but it'll cover the extension costs etc.  I'll then keep the Kasikorn account live for transfers when it suits as transfers to Kasikorn are instant with Wise whereas they can take up to 24 hours (working day) with Bangkok Bank.  

 

Just got tired of the hassle with monthlies, remember to do the transfer before the end of the month, make sure there's no public holiday, check the transfer is FTT, update the bank book each month, get the statements, get credit advices if the IO wants them.

Krungsri Bank is actually one of the easier banks at which to open an account, but as you say you can find FDs at both of your current banks.  I just didn't like the responsibility of having to rollover the FD account at maturity, the mandatory interest withholding which I had to file a Thai Income Tax return to get back, nor the loss of interest earned if I ever made a withdrawal (as is allowed under the minimum balance requirements for retirement extensions).

[yimlitnoy]

Yes acceptable, I have THB900.000 in Time deposit for maturity in one year in thai bank.  No problem for my one year extention at ChaengWattana 

[BKK57]

I just finished my retirement visa at CW a few days ago using the 65000/month method.  I would also like to change to 800,000 method if less hassle.  First question is - Can I transfer to my bank account 800,000 ONCE, or do you have to transfer 800,000 each year, assuming I don't take anything out of it and use it only for visa extension as DrJack54 suggested.  If so, second question - exactly what documentation do you need to show IO.  I assume first year you need credit advice showing transfer from abroad of 800,000 which shows the date so 3 month  period before is proved. I also assume I have to make some small transaction on the day of extension so there is an entry in my bank book so the IO can  see 800,000 amount is still there and no changes in balance between 800,000 deposit and day of extension at CW. Does this require a "Confirmation Letter" like is required for 65000/month method? Third question - second year, no new deposit so no new credit advice, so how to show original 800,000 came from abroad? Do I have to save and show original credit advice every year? How to prove account balance didn't drop below 400,000 - confirmation letter or do  just look at bank book? Sigh, I really miss the embassy letter, so easy.
For any one needing credit advices, Bangkok Bank will email you the credit advices the same day they receive your international transfer.  Using this free service you can simply print the Credit Advices and bring them with you to get your "Confirmation Letter." They don't have to look up each foreign transfer from your bank book. Saves time and money since if they have to look up and print the credit advices for you you have to pay for each credit advice over 6 months old.  You have to sign up for this service "Email Credit Advice Service".  I did this at the Silom Bangkok Bank branch, the main headquarters, second floor, International Transfer section, immediate right after coming off escalator.  I was told that "they don't do this for everybody" but I explained I don't get to the bank very often to update my bank book. So, maybe if you ask nicely...

[skatewash]

4 minutes ago, BKK57 said:

I just finished my retirement visa at CW a few days ago using the 65000/month method.  I would also like to change to 800,000 method if less hassle.  First question is - Can I transfer to my bank account 800,000 ONCE, or do you have to transfer 800,000 each year, assuming I don't take anything out of it and use it only for visa extension as DrJack54 suggested.  If so, second question - exactly what documentation do you need to show IO.  I assume first year you need credit advice showing transfer from abroad of 800,000 which shows the date so 3 month  period before is proved. I also assume I have to make some small transaction on the day of extension so there is an entry in my bank book so the IO can  see 800,000 amount is still there and no changes in balance between 800,000 deposit and day of extension at CW. Does this require a "Confirmation Letter" like is required for 65000/month method? Third question - second year, no new deposit so no new credit advice, so how to show original 800,000 came from abroad? Do I have to save and show original credit advice every year? How to prove account balance didn't drop below 400,000 - confirmation letter or do  just look at bank book? Sigh, I really miss the embassy letter, so easy.
For any one needing credit advices, Bangkok Bank will email you the credit advices the same day they receive your international transfer.  Using this free service you can simply print the Credit Advices and bring them with you to get your "Confirmation Letter." They don't have to look up each foreign transfer from your bank book. Saves time and money since if they have to look up and print the credit advices for you you have to pay for each credit advice over 6 months old.  You have to sign up for this service "Email Credit Advice Service".  I did this at the Silom Bangkok Bank branch, the main headquarters, second floor, International Transfer section, immediate right after coming off escalator.  I was told that "they don't do this for everybody" but I explained I don't get to the bank very often to update my bank book. So, maybe if you ask nicely...

General advice not specific to Bangkok Immigration:

The 800,000 baht only has to be transferred one time, as it can be reused year after year.

 

The proof that you have complied with the retirement extension banking requirements consists of two parts:

1) a standard bank letter identifying you as the owner of the account and the balance on the date the letter is written, and

 

2) a bank statement showing activity in the account over the last 12 months (from which compliance with the minimum account balance requirements can be ascertained).

The specific form of evidence needed in Bangkok is best described by someone more familiar with that office.

 

[SooKee]

6 hours ago, skatewash said:

Krungsri Bank is actually one of the easier banks at which to open an account, but as you say you can find FDs at both of your current banks.  I just didn't like the responsibility of having to rollover the FD account at maturity, the mandatory interest withholding which I had to file a Thai Income Tax return to get back, nor the loss of interest earned if I ever made a withdrawal (as is allowed under the minimum balance requirements for retirement extensions).

Yes, I definitely don't want a promotional account with a higher rate that I have to faff about with each year so Ill just dump the money into one of the savings accounts unless the difference it's so much that I'd loose out too much.  One thing I don't want to do is replace the hassle of paperwork at Immigration with the hassle of tax returns etc or anything else for that matter.

 

It'll be interesting to see when I go and change next renewal to the 800K method (and just give them the bank letter, statement and bank book showing 800K seasoned for 2 months) if they will ask for all the documents to show that I've been complying with the 65K method for the year preceding too.  I'm assuming they will, as each time you go and renew you are essentially  proving that you have complied the year previously.  

[Jackson B]

13 hours ago, SooKee said:

Thanks for the comments, useful.  At the moment I have accounts with Kasikorn and Bangkok Bank so prefer to stick with those, partially because I can't be bothered with the run around rigmarole of 'can I / can't I' open an account, especially at this period in time.  Even with the FD account, if the answer is anything other than "Yes, no problem" I won't go down that route either.  Hopefully, already having accounts at both banks will make at least one of them easier, Kasikorn would be the preferred option.  

 

On top of that I really just need to see if it's worth opening an FD.  On the savings account the interest is negligible so I'll need to check the rates on the FD accounts vs regular savings at the banks I have accounts rather than shopping around for the best.  If there's not much in it, I'll just stick with effectively moth-balling one of the savings accounts and drop 850,000 into it, likely Bankgok Bank as I only opened that when the Embassy letters stopped and the proof of overseas transfers being needed (which I find is easier using Wise and Bangkok Bank).  Even at 0.5% it's 4,250 year, peanuts in comparison but it'll cover the extension costs etc.  I'll then keep the Kasikorn account live for transfers when it suits as transfers to Kasikorn are instant with Wise whereas they can take up to 24 hours (working day) with Bangkok Bank.  

 

Just got tired of the hassle with monthlies, remember to do the transfer before the end of the month, make sure there's no public holiday, check the transfer is FTT, update the bank book each month, get the statements, get credit advices if the IO wants them.

I moved my 800k to a deposit a/c with SCB. It pays 1.5% and withdrawals are instant and any amount without charges. I am yet to show CW this account as I moved the money from my current account last year. They advised to do it on the day of extension.

[SooKee]

On 7/24/2021 at 12:41 PM, skatewash said:

Krungsri Bank is actually one of the easier banks at which to open an account, but as you say you can find FDs at both of your current banks.  I just didn't like the responsibility of having to rollover the FD account at maturity, the mandatory interest withholding which I had to file a Thai Income Tax return to get back, nor the loss of interest earned if I ever made a withdrawal (as is allowed under the minimum balance requirements for retirement extensions).

Having looked at this more, I might go to Krungsri at some stage and look into the Mee Tae Dai account.  While opening an FD at Bangkok Bank or Kasikorn would be easier, all of the accounts I can see seem to be 3, 6, 9, 12, 24 or 36 month. What I don't want to have to do is mess about going and renewing this account at expiry if that's what's needed, I'm trying to reduce the 'things to do' list, not replace what I take off with something else.  The other thing I've noticed is that both Bangkok and Kasikorn, from memory, indicate the account may be used as security for a credit card, I don't want that either, nothing to impede access.  To be fair I haven't been round and asked at either of those banks simply because at the moment  I'm trying to avoid queues, crowded places and face to face contact with people unless it's essential and needing to open an account before November / December doesn't qualify as essential yet.  Once I visit the banks in question I may find I can opt out of 'credit card security' or even find that there's other accounts without the need to renew, with better interest rates and no access restriction other than a hit to the interest.

All I want though is an FD account, that will hopefully pay higher interest than my normal savings accounts, that is not time limited and doesn't come with any 'things to do' items, essentially I just want to put the money in and forget it.  If Krungsri make that easy and pay a higher rate than my existing banks I'll go for that.  I'll go and ask at Krungsri when Bangkok is less dangerous to be wandering around.

Edited July 30, 2021 by SooKee

[skatewash]

25 minutes ago, SooKee said:

Having looked at this more, I might go to Krungsri at some stage and look into the Mee Tae Dai account.  While opening an FD at Bangkok Bank or Kasikorn would be easier, all of the accounts I can see seem to be 3, 6, 9, 12, 24 or 36 month. What I don't want to have to do is mess about going and renewing this account at expiry if that's what's needed, I'm trying to reduce the 'things to do' list, not replace what I take off with something else.  The other thing I've noticed is that both Bangkok and Kasikorn, from memory, indicate the account may be used as security for a credit card, I don't want that either, nothing to impede access.  To be fair I haven't been round and asked at either of those banks simply because at the moment  I'm trying to avoid queues, crowded places and face to face contact with people unless it's essential and needing to open an account before November / December doesn't qualify as essential yet.  Once I visit the banks in question I may find I can opt out of 'credit card security' or even find that there's other accounts without the need to renew, with better interest rates and no access restriction other than a hit to the interest.

All I want though is an FD account, that will hopefully pay higher interest than my normal savings accounts, that is not time limited and doesn't come with any 'things to do' items, essentially I just want to put the money in and forget it.  If Krungsri make that easy and pay a higher rate than my existing banks I'll go for that.  I'll go and ask at Krungsri when Bangkok is less dangerous to be wandering around.

Yes, it's a balancing act between maximizing your return and convenience.  At 1.00% APR the Mee Tae Dai (MTD) savings account is not optimal.  You can get a higher interest rate with a fixed deposit account.  I would argue that the MTD is the most convenient, though.  It's a regular savings account so that gets you two benefits immediately.  You don't have to worry about your FD maturing (finding your next FD, if you don't like the interest rate you get when your old FD rolls over) and you don't have to worry about having 15% interest withheld that you have to reclaim by filing a Thai Personal Income Tax Return (be sure that Krungsri Bank has your Thai Tax ID associated with the account or they will withhold the interest even on a MTD account).  Other than opening the MTD account the first time I've never had to do anything with the account. 

You certainly don't have to use any account for security for a credit card.  I don't have a Thai credit card because it always seems like too much work.  As I don't have a work permit I would almost certainly only qualify for a secured credit card.  My understanding is that the benefits/protections of having a Thai credit card are less than what might be available from your home country.  I have multiple credit cards from my home country that I use in Thailand.  There are no foreign transaction fees with these particular cards.

Edited July 30, 2021 by skatewash

[SooKee]

1 hour ago, skatewash said:

Yes, it's a balancing act between maximizing your return and convenience.  At 1.00% APR the Mee Tae Dai (MTD) savings account is not optimal.  You can get a higher interest rate with a fixed deposit account.  I would argue that the MTD is the most convenient, though.  It's a regular savings account so that gets you two benefits immediately.  You don't have to worry about your FD maturing (finding your next FD, if you don't like the interest rate you get when your old FD rolls over) and you don't have to worry about having 15% interest withheld that you have to reclaim by filing a Thai Personal Income Tax Return (be sure that Krungsri Bank has your Thai Tax ID associated with the account or they will withhold the interest even on a MTD account).  Other than opening the MTD account the first time I've never had to do anything with the account. 

You certainly don't have to use any account for security for a credit card.  I don't have a Thai credit card because it always seems like too much work.  As I don't have a work permit I would almost certainly only qualify for a secured credit card.  My understanding is that the benefits/protections of having a Thai credit card are less than what might be available from your home country.  I have multiple credit cards from my home country that I use in Thailand.  There are no foreign transaction fees with these particular cards.

Thanks, the MTD account sounds favourite provided I don't get the account opening run around that some branches give you.  I'll also need to go and register for a tax ID, I never have before simply because I keep most of my funds outside Thailand so it's literally been the interest on monthly living expenses, pennies, for single digit baht interest per year it wasn't worth it.

[skatewash]

2 minutes ago, SooKee said:

Thanks, the MTD account sounds favourite provided I don't get the account opening run around that some branches give you.  I'll also need to go and register for a tax ID, I never have before simply because I keep most of my funds outside Thailand so it's literally been the interest on monthly living expenses, pennies, for single digit baht interest per year it wasn't worth it.

The Thai Tax ID can be applied for at a Revenue Department Office.  They may ask for a reason why you need one and reclaiming bank interest withheld is a good one.  Also, try to obtain an actual Thai Tax ID card (paper card the size of a business card) rather than just the ID number as you may need it if you ever have to actually get money from filing a Thai Tax Return.  Money is reimbursed exclusively through Krung Thai bank and they require the Thai Tax ID card to get your reimbursement via eCash card.

[SooKee]

4 minutes ago, skatewash said:

The Thai Tax ID can be applied for at a Revenue Department Office.  They may ask for a reason why you need one and reclaiming bank interest withheld is a good one.  Also, try to obtain an actual Thai Tax ID card (paper card the size of a business card) rather than just the ID number as you may need it if you ever have to actually get money from filing a Thai Tax Return.  Money is reimbursed exclusively through Krung Thai bank and they require the Thai Tax ID card to get your reimbursement via eCash card.

Does that mean I need a Krung Thai account as well?  That said, if it's for a MTD account and I show the bank the card, there'll be be nothing to claim as nothing will be withheld from the bank.  I can probably take it to the other banks when I update my passport number so they will stop taxing me on interest (if I understand it right)?

[skatewash]

8 minutes ago, SooKee said:

Does that mean I need a Krung Thai account as well?  That said, if it's for a MTD account and I show the bank the card, there'll be be nothing to claim as nothing will be withheld from the bank.  I can probably take it to the other banks when I update my passport number so they will stop taxing me on interest (if I understand it right)?

No you don't need to have a Krung Thai account to get your money back via the eCash card (basically a free ATM card issued by Krung Thai to let you withdraw the money you are being reimbursed from the Revenue Department).  I only mention it because the Revenue Department used to mail you a check for any overpayment of taxes, but switched to using Krung Thai bank a few years ago.  When I got my Thai Tax ID I never received a card and Krung Thai needed to see that card (which I had never been given) to give me a eCash card (having the number wasn't enough).  

That said, it sounds like you will never need to go through any of the Krung Thai reimbursement process.  I only made the comment because it's better to get your Thai Tax ID on an official card rather than just someone writing down the number for you on a slip of paper.  I got my Thai Tax ID years ago, maybe everyone gets the Thai Tax ID card today without even asking.  It was a minor point.

 

Yes, you can use your Thai Tax ID with any bank's savings account when you open the account  (not just Krungsri Bank) to avoid having tax withheld from the first baht of interest paid.  You can't avoid withholding with a FD account (which is a major disadvantage with a FD account over a regular savings account).  For an existing account it depends on the bank whether they will allow you to add the Thai Tax ID to the account.  Some will, some will require that you roll over the old account into a new account.  That's why it's best to have the Thai Tax ID number first and use it when opening the bank account.

[SooKee]

@skatewash Thanks.  Yes probably better to have it when opening the account but I opened them years ago, having a Tax ID wasn't even on my radar then, too much of a pittance to be worried about.  I'll go along and see what they say when the streets are safer.  Thanks for the comments, very helpful.

[SooKee]

On 7/30/2021 at 1:38 PM, skatewash said:

No you don't need to have a Krung Thai account to get your money back via the eCash card (basically a free ATM card issued by Krung Thai to let you withdraw the money you are being reimbursed from the Revenue Department).  I only mention it because the Revenue Department used to mail you a check for any overpayment of taxes, but switched to using Krung Thai bank a few years ago.  When I got my Thai Tax ID I never received a card and Krung Thai needed to see that card (which I had never been given) to give me a eCash card (having the number wasn't enough).  

That said, it sounds like you will never need to go through any of the Krung Thai reimbursement process.  I only made the comment because it's better to get your Thai Tax ID on an official card rather than just someone writing down the number for you on a slip of paper.  I got my Thai Tax ID years ago, maybe everyone gets the Thai Tax ID card today without even asking.  It was a minor point.

 

Yes, you can use your Thai Tax ID with any bank's savings account when you open the account  (not just Krungsri Bank) to avoid having tax withheld from the first baht of interest paid.  You can't avoid withholding with a FD account (which is a major disadvantage with a FD account over a regular savings account).  For an existing account it depends on the bank whether they will allow you to add the Thai Tax ID to the account.  Some will, some will require that you roll over the old account into a new account.  That's why it's best to have the Thai Tax ID number first and use it when opening the bank account.

Thanks for the helpful pointers on this, the TIN and Krungsri.  Decided to tackle both today given we're still in partial lockdown, figured everywhere might be quiet; dead right!  Got it all done in what must be record time, just 87 minutes total to do the Tax ID (TIN) AND open the MTD account at Krungsri and that included travel time!

Literally nobody at the Revenue office (floor 23 at Times Square if using area 13), I had managed to find the form LP10.1 online (a fillable PDF but in Thai only) so that helped cut the time down. Couple of questions about why I needed a TIN given I'm retired and was done and out in 10 minutes.  They print your TIN with your details on a small card.  Only documents I needed were the application form and passport / extension copy which I'd done and signed before going.  

Then off to Krungsri to open the account at Em Quartier.  First through the door at 11:00, no problem opening the account at all, very helpful staff.  Again, only passport / extension needed along with the TIN.  I did take signed passport copies with me but she copied them herself so she could see me sign them all.  No SFQs, no awkward 'cannot' or 'have work permit?' questions, she even told me not to bother with an ATM card as she said it's not worth it.   Downloaded the KMA app while I was there, she set me up with a temporary password after I'd paid the opening deposit (min 500 baht), finalised the app set up while I was in the branch, the app can then be used for cardless withdrawal (so even less need for an ATM/debit card).  Brilliant service, done and out within about 25 minutes.

 

So, all set, test transfer to the account done using Wise (AKA Transferwise), once those funds turn up tomorrow I'll start sending over the 850K (50K leeway)

[skatewash]

31 minutes ago, SooKee said:

Thanks for the helpful pointers on this, the TIN and Krungsri.  Decided to tackle both today given we're still in partial lockdown, figured everywhere might be quiet; dead right!  Got it all done in what must be record time, just 87 minutes total to do the Tax ID (TIN) AND open the MTD account at Krungsri and that included travel time!

Literally nobody at the Revenue office (floor 23 at Times Square if using area 13), I had managed to find the form LP10.1 online (a fillable PDF but in Thai only) so that helped cut the time down. Couple of questions about why I needed a TIN given I'm retired and was done and out in 10 minutes.  They print your TIN with your details on a small card.  Only documents I needed were the application form and passport / extension copy which I'd done and signed before going.  

Then off to Krungsri to open the account at Em Quartier.  First through the door at 11:00, no problem opening the account at all, very helpful staff.  Again, only passport / extension needed along with the TIN.  I did take signed passport copies with me but she copied them herself so she could see me sign them all.  No SFQs, no awkward 'cannot' or 'have work permit?' questions, she even told me not to bother with an ATM card as she said it's not worth it.   Downloaded the KMA app while I was there, she set me up with a temporary password after I'd paid the opening deposit (min 500 baht), finalised the app set up while I was in the branch, the app can then be used for cardless withdrawal (so even less need for an ATM/debit card).  Brilliant service, done and out within about 25 minutes.

 

So, all set, test transfer to the account done using Wise (AKA Transferwise), once those funds turn up tomorrow I'll start sending over the 850K (50K leeway)

Had to look up SFQ. ????

I'm behind the times on card-less withdrawal, too.  So you can use the Krungsri  Bank app at an ATM without an ATM/debit card?  Did not know that.  I shall have to try it out next time.

[SooKee]

12 hours ago, skatewash said:

Had to look up SFQ. ????

I'm behind the times on card-less withdrawal, too.  So you can use the Krungsri  Bank app at an ATM without an ATM/debit card?  Did not know that.  I shall have to try it out next time.

Yeah it's the top left icon in the app.  Only method I use now with Kasikorn, for ages I thought to myself why don't Bangkok Bank have this too, until I got to actually looking and found they did. One less thing to carry around in the wallet (or leave in the bloody machine which I've done twice).

[BKK57]

On 7/24/2021 at 4:28 PM, skatewash said:

General advice not specific to Bangkok Immigration:

The 800,000 baht only has to be transferred one time, as it can be reused year after year.

 

The proof that you have complied with the retirement extension banking requirements consists of two parts:

1) a standard bank letter identifying you as the owner of the account and the balance on the date the letter is written, and

 

2) a bank statement showing activity in the account over the last 12 months (from which compliance with the minimum account balance requirements can be ascertained).

The specific form of evidence needed in Bangkok is best described by someone more familiar with that office.

 

My question is... In addition to the two requirements above do you need proof (a credit advise from the bank) that the 800,000 came from outside Thailand? if so, do you need to show the credit advice just for the first time or do you need to show each year? With 65,000/month I have to show a credit advice for each month that the money came from outside Thailand.

[BritTim]

8 hours ago, BKK57 said:

My question is... In addition to the two requirements above do you need proof (a credit advise from the bank) that the 800,000 came from outside Thailand? if so, do you need to show the credit advice just for the first time or do you need to show each year? With 65,000/month I have to show a credit advice for each month that the money came from outside Thailand.

There is definitely no need for proof that the money came from abroad for an extension. If applying for a Non O visa at Immigration (to convert from a tourist visa or visa exempt entry) then proof is officially needed. However, most immigration offices will waive this proof if the 800k+ baht has been in the account continuously for the last several months.