Changing banks. How and when to move the 800k for retirement.

[gargamon]

I am about to be an ex customer of Bangkok Bank. I have removed all the money from the other accounts and only the 800K(for retirement visa) term deposit which matures in a few weeks is left. I last got my NR-O extended for a year in mid January.

 

So the question is, when can I move the 800K? Obviously I will wait for the term deposit to mature. What are the immigration requirements for the funds to remain there? Also is there an electronic way to transfer the money to Kasikorn? I really don't want to carry 800k in cash.

 

Thanks

[bkk6060]

Just add your new account to your Bangkok bank account for the online transfer.

[Upnotover]

800k needs to be maintained for 3 months after extension, thereafter 400k until 2 months prior to the next.  To avoid any chance of a problem it is often recommended to transfer to a new account is done in 2 x 400k lumps on different days..

[soi3eddie]

A few years ago I switched accounts within the same bank. When you next renew extension you will almost certainly require 12 month statements for both accounts (CW asked for that). They then went through each statement line by line checking to make sure on no day did balance fall below required amount. 

 

 

[Negita43]

I have a similar probelm with Kasicorn some years ago (at least 5) I had to take some money out of my deposit account but then quickly paid it back (actually then I was here on a work permit). Now I have two "contracts" in the same book and the last entry in the book always shows an amount of around 170,000 baht and a date in the future BUT this is actually the expiry date of that contract and a few lines above another amount (making up more than the 800,000 Baht) is shown with it's expiry date.

This has caused increasing problems at visa extension renewal as the "checkers" only see the 170,000 and immediately say I don't meet the regulation.

I have been able to resolve the issue over the last couple of years but I can see it becoming increasinly more of an issue even though I have the bank letter stating I have 800,000 Baht in my account.

I have asked Kasikorn to combine the contracts but they say they can't and given the 400,000 minimum rule I can't close the two contacts and immediate renew with one 800,000 Baht one.

Even moving it into two 400,000 chunks will give the same issue as then the last entry will show 400,000 Baht with that contacts expiry date.

It's extremely frustrating as all I want to do is comply with immigration rules in as simple as way as possible for all concerned.

[TallGuyJohninBKK]

I think the OP has a good question...

 

I've always wondered...if I ever needed to relocate my current 800K deposit account associated with my retirement extension, the question of HOW and WHEN to do it in a way that doesn't end up causing some grief from TH Immigration.

[TallGuyJohninBKK]

47 minutes ago, Upnotover said:

800k needs to be maintained for 3 months after extension, thereafter 400k until 2 months prior to the next.  To avoid any chance of a problem it is often recommended to transfer to a new account is done in 2 x 400k lumps on different days..

 

That seems like that kind of approach should not run afoul of Immigration.  Anyone have any personal experience with doing it that way?

 

[TallGuyJohninBKK]

20 minutes ago, Negita43 said:

Now I have two "contracts" in the same book and the last entry in the book always shows an amount of around 170,000 baht and a date in the future BUT this is actually the expiry date of that contract and a few lines above another amount (making up more than the 800,000 Baht) is shown with it's expiry date.

Re your use of the term "contracts," are you talking about fixed term deposit accounts where you commit to keep the deposit in place for X years?

 

Kind of like the Thai version of certificates of deposit? As opposed to regular liquid savings accounts?

 

[Negita43]

3 hours ago, TallGuyJohninBKK said:

Re your use of the term "contracts," are you talking about fixed term deposit accounts where you commit to keep the deposit in place for X years?

Yes but I think each contarct lasts for 3 (or maybe 6) months then auto renews

[gamb00ler]

I changed from a fixed deposit at BKK bank to SCB EZ Savings starting in Apr '22.  My extension was due in Feb 10 '23.  SCB does not supply a bank book for the EZ Savings account.

 

I opened the SCB back in 2021 and brought its balance up to 400K+ by Apr. '22.  I maintained the required 800K balance at BKK bank for 3 months past my Feb '22 extension.  I almost emptied out the BKK fixed deposit account and moved 600K to SCB to bring it up to 1M (max that qualifies for 1.5% interest).

 

For my Feb '23 extension I provided the bank letter and 12 month statement for both the BKK fixed and the SCB savings account.  SCB hit me with 400฿ and BKK bank for 200฿ in fees for the documents.  CM Imm. spent a long time going over the statements even though there were very few entries on both of them.

 

If you're going to switch, do it during the time where your required balance is the lowest and make sure there is a clear overlap on the periods where the funds are sufficient.

 

[TheAppletons]

Tangential question - if one were using the income method (65K or more THB transferred FTT per month) into an account, is there an optimal time to switch banks so as not to run afoul of immigration?

 

For example, would Thai immigration accept six months' of transfers on statements from one bank and six months' of transfers into another bank?  Or would one want to switch right after the annual extension? 

[gamb00ler]

3 hours ago, TheAppletons said:

Tangential question - if one were using the income method (65K or more THB transferred FTT per month) into an account, is there an optimal time to switch banks so as not to run afoul of immigration?

 

For example, would Thai immigration accept six months' of transfers on statements from one bank and six months' of transfers into another bank?  Or would one want to switch right after the annual extension? 

Since the income method is much simpler for the IO's to decipher the bank statements, I don't think it matters much when you switch accounts.  To save yourself time, just get the required letter and bank book copies/statements for both accounts.  There shouldn't be any need for overlapping of deposits.

[Foxx]

19 hours ago, gargamon said:

I really don't want to carry 800k in cash.

I suggest you use a cashier's cheque then.  They cost 20 baht.

 

[gamb00ler]

20 hours ago, gargamon said:

Also is there an electronic way to transfer the money to Kasikorn? I really don't want to carry 800k in cash.

I missed this question on first reading.

 

I believe you must do all transactions with the BKK fixed account in person.

 

If you have not yet closed your other accounts at BKK bank, just transfer the fixed account balance to one of those and then use mobile/online to transfer funds electronically to KBank

[Lorry]

On 2/17/2023 at 2:50 PM, Negita43 said:

I have a similar probelm with Kasicorn some years ago (at least 5) I had to take some money out of my deposit account but then quickly paid it back (actually then I was here on a work permit). Now I have two "contracts" in the same book and the last entry in the book always shows an amount of around 170,000 baht and a date in the future BUT this is actually the expiry date of that contract and a few lines above another amount (making up more than the 800,000 Baht) is shown with it's expiry date.

This has caused increasing problems at visa extension renewal as the "checkers" only see the 170,000 and immediately say I don't meet the regulation.

I have been able to resolve the issue over the last couple of years but I can see it becoming increasinly more of an issue even though I have the bank letter stating I have 800,000 Baht in my account.

I have asked Kasikorn to combine the contracts but they say they can't and given the 400,000 minimum rule I can't close the two contacts and immediate renew with one 800,000 Baht one.

Even moving it into two 400,000 chunks will give the same issue as then the last entry will show 400,000 Baht with that contacts expiry date.

It's extremely frustrating as all I want to do is comply with immigration rules in as simple as way as possible for all concerned.

I have the same problem with Bangkok Bank: 2 contracts in one fixed-deposit bank book,  with different dates of maturity. The statement they would give states only a balance of one of the 2 contracts, less than 800,000.

Their letter,  though,  stated the full balance.  That's what I showed Immi.