B800000 Transfer to Other Bank

[carlyai]

I want to transfer my Retirement Visa B800000 to another bank.

I was thinking, go and withdraw the money from the bank, drive 80 km and deposit in my new bank, all on the same day.

But I won't technically have the money in the bank for 365 days.

Or if I can't deposit until the next day I will be short 1 day.

How do you change banks with the 800000?

 

[ukrules]

I believe you don't need 800k for a full year. But you do need 400k

I would suggest transferring 400k twice and on different days which are not during the period where your balance is required to remain at 800k or above - 2 months before renewal and 3 months after renewal.....

 

That way you don't go under the minimum required amount all year around which is 400k.

 

Never send the exact amount - allow for transfer fees, ATM card 'tax' or some other charges, put a few thousand extra in each just in case.

 

Edited May 31, 2023 by ukrules

[scubascuba3]

I transferred 400k, checked it settled seconds later then transferred another 400k and checked again, finit

[DrJack54]

OP both answers above is the way to go.

Do not do the plan you suggested. 

[carlyai]

Before I had the money in a 1 year investment account. 

I don't know if I could open an investment account with nothing and then transfer the money in 2 lots.

So I just open a normal savings account in my own name?

[DrJack54]

17 minutes ago, carlyai said:

So I just open a normal savings account in my own name

You are referring to FD account (fixed deposit).

Think minimum deposit for most banks FD account is 1k baht.

You can certainly do two transfers or deposits into a FD account.

Most folk that use an FD account just leave the 800k+ in the account all year round. 

 

I use an FD account and now thinking a savings account would have been best. 

Edited May 31, 2023 by DrJack54

[h90]

1 hour ago, scubascuba3 said:

I transferred 400k, checked it settled seconds later then transferred another 400k and checked again, finit

Yes, we have sometimes "large" sums transferred within Thailand and it is as you say: Seconds later, if not immediately it is there, no matter what bank or account type.

[carlyai]

2 hours ago, DrJack54 said:

You are referring to FD account (fixed deposit).

Think minimum deposit for most banks FD account is 1k baht.

You can certainly do two transfers or deposits into a FD account.

Most folk that use an FD account just leave the 800k+ in the account all year round. 

 

I use an FD account and now thinking a savings account would have been best. 

Thanks.

I also normally just leave all the money in for the full year.

But for the FD account don't you have to start a new bank book or FD each time you change the amount in there?

Eg: If I open a FD for (now B2000), then I add 400000, don't they have to start another FD of 4002000? Therefore another bankbook.

[Tom H]

Same as if you are not married concerning the 400k?

 

I mean I need to have I think 3 months the 800 K before the date of extension comes and 2 months after or so?

 

 

[DrJack54]

52 minutes ago, carlyai said:

But for the FD account don't you have to start a new bank book or FD each time you change the amount in there?

No.

 

I use Kasikorn.

Has a bankbook and on cover "Fixed Deposit Account" 

I make deposit at time of extension minimum deposit allowed is 1000b 

[lopburi3]

42 minutes ago, Tom H said:

Same as if you are not married concerning the 400k?

 

I mean I need to have I think 3 months the 800 K before the date of extension comes and 2 months after or so?

 

 

Just to be clear the requirement is 800k for 2 months prior until 3 months after extension.  400k remainder of year.  For bank deposit retirement extension.

 

[gargamon]

I'm in the middle of doing this right now. 400k moved manually yesterday from bkk bank to k-bank account. Today or tomorrow I will carry the other 400k.

 

I was going to transfer it electronically but there's a 50k daily limit so since my banks are a few blocks apart I decided to carry it. I could have done 50k 8 times, and the same for the second 400k but that seemed tedious.

 

Immigration is the main issue. You have to make sure you can prove you always had at least 400k deposited. So don't do like one poster above and send 400k twice in the same day as you won't be able to prove it.

 

Make sure you meet the 800k for 3 months after extension and 2 months before also. I think these are correct. 

 

My initial thread: https://aseannow.com/topic/1286838-changing-banks-how-and-when-to-move-the-800k-for-retirement/#comment-17908435

[carlyai]

1 hour ago, DrJack54 said:

No.

 

I use Kasikorn.

Has a bankbook and on cover "Fixed Deposit Account" 

I make deposit at time of extension minimum deposit allowed is 1000b 

Now Bangkok Bank want B2000

 

[carlyai]

Just now, carlyai said:

Now Bangkok Bank want B2000

 

With Bangkok Bank, when the 1 year fixed deposit is finished, I had to make another 1 year fixed deposit and new bankbook.

Anyway I understand the procedure now.

Thank you.

It's not only Bangkok Bank that has caused a difficulty with not allowing joint accounts (that's why I'm transfering to a new bank), but my Australian bank was supposed to send our new credit cards 3 weeks ago but nothing arrived. I rang them and they said they didn't send them as they couldn't fit the Thai address in their computer format. 

They never contacted me. Also they then froze my credit facility until we sign for the new cards.

I usually only use my credit card for airline and accommodation booking, but I like to have access to money if something goes wrong.

They're all the same now...money, money..money

[Tom H]

4 hours ago, lopburi3 said:

Just to be clear the requirement is 800k for 2 months prior until 3 months after extension.  400k remainder of year.  For bank deposit retirement extension.

 

Thank you.

[Soondae]

4 hours ago, gargamon said:

I'm in the middle of doing this right now. 400k moved manually yesterday from bkk bank to k-bank account. Today or tomorrow I will carry the other 400k.

 

I was going to transfer it electronically but there's a 50k daily limit so since my banks are a few blocks apart I decided to carry it. I could have done 50k 8 times, and the same for the second 400k but that seemed tedious.

 

Immigration is the main issue. You have to make sure you can prove you always had at least 400k deposited. So don't do like one poster above and send 400k twice in the same day as you won't be able to prove it.

 

Make sure you meet the 800k for 3 months after extension and 2 months before also. I think these are correct. 

 

My initial thread: https://aseannow.com/topic/1286838-changing-banks-how-and-when-to-move-the-800k-for-retirement/#comment-17908435

Actually there is no limit on your transfers, bye default BKL sets the limit to 50K, however you can go into the website or APP and increase the amount to handle your needs. I.e. I recently bought a home and had the same situation A friend told me to increase my XFER amounts in the APP, then I had no issues at all.

[david555]

To be safe contact your local immigration officer who deal with your ret. ext. case how to deal; with it ....., about your plan

[gargamon]

2 hours ago, Soondae said:

Actually there is no limit on your transfers, bye default BKL sets the limit to 50K, however you can go into the website or APP and increase the amount to handle your needs. I.e. I recently bought a home and had the same situation A friend told me to increase my XFER amounts in the APP, then I had no issues at all.

Thanks. It's always good to know the tricks.

 

In my case they needed 2 days to activate my new bkk app access so it was faster to carry the cash. Second move has now been done and all 800k is in K-bank. We'll see what kind of issues I will have with immigration next year. 

[Peter60]

Transferring to another bank is straightforward but time consuming.  Open a new account with your new bank, you will need to open a current account. The Fixed deposit savings account only lasts for a certain period, perhaps 6 months then reverts to lower savings rate, which means opening new accounts every year!

You need money in your account showing for 3 months before, so in your case 800,000 bht.  After renewal you can keep 400,000, but no one checks this, you can use the money in a short-term savings or invest for 9 months, lend to others or spend on your beloved. 

The system was introduced to prevent Visa agents loaning large amounts for the sake of 1 day, but in this area, a Visa agent can still renew for the cost of 19,000 bht and you get to use your money as you wish.   

As others have suggested better to keep your 800,000 in a pot of money with small interest but there as a "rainy day account" if you need it.

 

[gargamon]

7 minutes ago, Peter60 said:

The Fixed deposit savings account only lasts for a certain period, perhaps 6 months then reverts to lower savings rate, which means opening new accounts every year!

The options at K-bank were a bit different. They were pushing 7 or 11 month terms which would revert to a 3 month (very low interest) term. A bit of pushing and I dragged out of them that I could get a 2 year term which automatically renewed to another 2 year term when done. Since this is only for immigration reasons, and I won't need to access the funds, I went with the 2 year term. Interest paid is maybe 1/2% higher with this one too. 

[newnative]

A somewhat related question.  I do my 1 year retirement this month..  I've had 800,000 baht in one bank that I have been using.  I want to close that account and use a different bank for the 800,000.  However, I have only had the 800,000 in that bank since August of last year.  Anybody know if I could still use that bank or do I need to wait another year so it will be in the account a full year? Thanks!

[scottiejohn]

23 hours ago, Peter60 said:

The Fixed deposit savings account only lasts for a certain period, perhaps 6 months then reverts to lower savings rate, which means opening new accounts every year!

Not with BKK!

I have had the same bank account number and passbook on my fixed deposit account for years.  Every year they roll the account over at whatever the going rate is on the day!

[scottiejohn]

6 hours ago, newnative said:

A somewhat related question.  I do my 1 year retirement this month..  I've had 800,000 baht in one bank that I have been using.  I want to close that account and use a different bank for the 800,000.  However, I have only had the 800,000 in that bank since August of last year.  Anybody know if I could still use that bank or do I need to wait another year so it will be in the account a full year? Thanks!

Open your new account with 400,000 two months after your extension and once you know it is in the new account transfer the rest.  I an not sure if the two months (which I believe the rule is) runs from Approval or actual extension date!

[newnative]

28 minutes ago, scottiejohn said:

Open your new account with 400,000 two months after your extension and once you know it is in the new account transfer the rest.  I an not sure if the two months (which I believe the rule is) runs from Approval or actual extension date!

Thanks for your reply.  I already have the second account, which has had over 800,000 in it since last August.  Since my renewal is this month, June, I was wondering if the money has been in the second account long enough to satisfy requirements since it has not been a full year since the 800,000 was deposited.

[scottiejohn]

1 hour ago, newnative said:

Thanks for your reply.  I already have the second account, which has had over 800,000 in it since last August.  Since my renewal is this month, June, I was wondering if the money has been in the second account long enough to satisfy requirements since it has not been a full year since the 800,000 was deposited.

I would check with your IO or someone more knowledgeable than my self whether the rule of 2/3 months of 800,000/400,000 applies to the same account(s) at time of application/approval or is just any account that you hold that qualifies.  I know it is unlikely (and nearly impossible to change banks if applied, but we all know Thailand's IO's (T.I.T.S!)

It is these little things that can trip us up with some IO's!

[newnative]

3 minutes ago, scottiejohn said:

I would check with your IO or someone more knowledgeable than my self whether the rule of 2/3 months of 800,000/400,000 applies to the same account(s) at time of application/approval or is just any account that you hold that qualifies.  I know it is unlikely (and nearly impossible to change banks if applied, but we all know Thailand's IO's (T.I.T.S!)

It is these little things that can trip us up with some IO's!

Thanks!

[Lorry]

8 hours ago, scottiejohn said:

Not with BKK!

I have had the same bank account number and passbook on my fixed deposit account for years.  Every year they roll the account over at whatever the going rate is on the day!

I can confirm this

[Lokie]

On 6/1/2023 at 2:41 AM, DrJack54 said:

No.

 

I use Kasikorn.

Has a bankbook and on cover "Fixed Deposit Account" 

I make deposit at time of extension minimum deposit allowed is 1000b 

I do exactly as Dr Jack, after taking his sound advice few months back; Fixed Deposit a/c Kasikorn Bank , I just leave 800k in it then deposit 1k when req then update book (just had my 12 mth extension through in Phuket -All Good)

[SunsetT]

On 6/1/2023 at 7:31 AM, Tom H said:

Thank you.

But some dinosaur immigration offices, e.g. Nakhon Phanom, insist that this 800k 2 months prior to retirement extension rule only applies to the initial 1st extension application and not to extension renewals. They insist that for renewals the 800k must be in the bank for 3 months before the renewal application date.

[DrJack54]

4 minutes ago, SunsetT said:

But some dinosaur immigration offices, e.g. Nakhon Phanom, insist that this 800k 2 months prior to retirement extension rule only applies to the initial 1st extension application and not to extension renewals. They insist that for renewals the 800k must be in the bank for 3 months before the renewal application date.

Unfortunately true.

There are couple of offices that play that game.

Fortunately the other 73 offices require 2 months prior to application.

As usual in Thailand everyone needs to be aware of their own immigration office requirements.

 

Bit ridiculous when you think about it.