Extending Non-O retirement stay -- What do with the 400,000b during interim?

[david_je]

I've just done a 1-yr extension. As I understand it, bank balance requirements are the same as for Non-OA, which I previously had: 800,000 in bank for 3 months after extension, then 400,000b, then 800,000 for 2 months prior to the next extension -- is that correct? That leaves 400,000 free for 7 months of the year. I currently have the 800,000 in a saving account. If I don't need the 400,000 for living expenses, is it reasonable to put it in say, a 6-month fixed account (making a little bit more interest) and then transferring it back to the savings account 2 months prior to next extension date? Or transfer the entire 800,000 into a one-year fixed account 3 months after extension? Thank you for our advice. 

[Henryford]

Is it worth all that hassle. How much extra interest would you get? I just keep mine in a Krungsri account and get 0.9% interest on the 800k.

[ubonjoe]

You can use a fixed deposit account to apply for your extension of stay based upon retirement. It must be a account that allows withdrawal without delay or a penalty other than loss of interest.

[DrJack54]

37 minutes ago, david_je said:

Or transfer the entire 800,000 into a one-year fixed account 3 months after extension? Thank you for our advice

Just leave the money in bank 800k all year round.

Be that FD account or Savings.

Have it as separate account from your daily banking account. 

Which immigration office do you use. 

[david_je]

39 minutes ago, ubonjoe said:

You can use a fixed deposit account to apply for your extension of stay based upon retirement. It must be a account that allows withdrawal without delay or a penalty other than loss of interest.

Just to confirm -- The time to transfer the 800,000 from savings to fixed would be 3 months after the date I received the extension?

Immigration will check that it is an account that allows withdrawal without delay or penalty other than loss of interest?

[david_je]

17 minutes ago, DrJack54 said:

Just leave the money in bank 800k all year round.

Be that FD account or Savings.

Have it as separate account from your daily banking account. 

Which immigration office do you use. 

Seems reasonable. I use CW -- why you ask?

[david_je]

50 minutes ago, Henryford said:

Is it worth all that hassle. How much extra interest would you get? I just keep mine in a Krungsri account and get 0.9% interest on the 800k.

Is that a regular or special type of savings account at Krungsri? I don't recall the rate but mine at Bangkok Bank is much less than 0.9%. Even their 3-month fixed is only .375%.

thanks.

[ubonjoe]

6 minutes ago, david_je said:

Just to confirm -- The time to transfer the 800,000 from savings to fixed would be 3 months after the date I received the extension?

Immigration will check that it is an account that allows withdrawal without delay or penalty other than loss of interest?

Best to wait until 3 months after applying for you extension.

Immigration may be familiar the accounts that do not allow any withdrawals.

[Henryford]

7 minutes ago, david_je said:

Is that a regular or special type of savings account at Krungsri? I don't recall the rate but mine at Bangkok Bank is much less than 0.9%. Even their 3-month fixed is only .375%.

thanks.

It's called the Mae Tai Dai account. Just a normal account offers a passbook, debit/ATM card etc. The only restriction is a 50 baht charge on more than 2 withdrawals a month. Interest used to be even more. I read somewhere the SCB Ez account offers 1.5% which i am going to check out.

Edited February 26, 2022 by Henryford

[DrJack54]

9 minutes ago, david_je said:

Seems reasonable. I use CW -- why you ask?

I asked because there are few weird immigration offices that like to see some activity in the account during the year.

That is not required at CW.

BTW, I use two accounts for my extensions. An FD (600K) and a savings a/c (200k+). Same bank.

In hindsight think I should have just used one account fixed or saving.

I don't touch either for the year.

They come out of draw once a year to obtain extension. 

 

[david_je]

15 minutes ago, DrJack54 said:

BTW, I use two accounts for my extensions. An FD (600K) and a savings a/c (200k+). Same bank.

In hindsight think I should have just used one account fixed or saving.

I don't touch either for the year.

They come out of draw once a year to obtain extension. 

 

Last year when I did Non-OA retirement extension at CW, the IO and her supervisor both questioned why I had the 800,000 split in 2 savings accounts and said next time I should use only one. I know these kinds of things sometimes depends on what IO you encounter. Anyway, I think I will use only one account now just in case.

[DrJack54]

13 minutes ago, david_je said:

Last year when I did Non-OA retirement extension at CW, the IO and her supervisor both questioned why I had the 800,000 split in 2 savings accounts and said next time I should use only one. I know these kinds of things sometimes depends on what IO you encounter. Anyway, I think I will use only one account now just in case.

Possibly your accounts were with different banks. 

My 2 accounts are with same bank and as a result I have one bank letter.

My 600k FD account and 200k savings it's easy for io to quickly see that I have met the retirements. Especially as the accounts have very few entries. 

 

When folk use everyday banking accounts and use 2 accounts, that is just making easy into difficult.

No wonder the immigration officers get cheesed off with some farang. 

[david_je]

18 minutes ago, DrJack54 said:

Possibly your accounts were with different banks. 

 

They were both with Bangkok Bank, and I presented one bank certification.

Edited February 26, 2022 by david_je
correct spelling

[DrJack54]

5 minutes ago, david_je said:

They were both with Bangkok Bank, and I presented on bank certification.

I have never had an issue using 2 accounts. 

In any event, money in bank method is simple.

I suggest one account either FD or Savings and leave 800k+ all year round. In a dedicated account for immigration purposes.

Bullet proof. 

Edited February 26, 2022 by DrJack54

[KannikaP]

1 hour ago, ubonjoe said:

You can use a fixed deposit account to apply for your extension of stay based upon retirement. It must be a account that allows withdrawal without delay or a penalty other than loss of interest.

I have used a Foreign Currency account with Bangkok Bank for several years. Withdrawals cannot be made at weekends or night-time. Never any questions at Immigration though.

[ubonjoe]

A off topic post meant to deflect the topic has been removed.