How to move 800000 from savings account to fixed deposit account at the same bank

[Lorry]

Any problems with that?

Or can I just do it?

[OneMoreFarang]

You could talk with the bank... 

[scubascuba3]

Can, just check with bank and ensure it settles same day which it should, most likely instantaneous, maybe best to do it in branch and they can check straight away

[DrJack54]

Personally I would do this during the "minimum 400k period" 

 

Transfer 400k to the new FD account and next day the other 400k+

Many will see this as not being necessary (over cautious) 

 

Immigration are very quirky about money in bank method. 

[pjuk]

I did it last month with Kasikorn bank. Moved it to a fixed interest (1.85%) for three years.

Easy just go in and tell them what you want.

Don't forget your passport.

[cjinchiangrai]

6 hours ago, DrJack54 said:

Personally I would do this during the "minimum 400k period" 

 

Transfer 400k to the new FD account and next day the other 400k+

Many will see this as not being necessary (over cautious) 

 

Immigration are very quirky about money in bank method. 

Correct answer!

 

[davidill]

If you intend doing this to use as your bank deposit to renew your retirement extension I would first check with immigration. I did this many years ago then I went to renew my retirement extension and was told " ok this year but you must change account to current account for next year" which I did.

[DrJack54]

44 minutes ago, davidill said:

I went to renew my retirement extension and was told " ok this year but you must change account to current account for next year"

Don't follow.

Many folk use a Fixed Deposit Account.

It's acceptable.

The only rider on that the funds need to be immediately available and no charges for withdrawal other than loss of interest. 

[verticalift]

I just did this with 4 of my banks, UOB, SCB, KMA and Bangkok Bank, transferring 1MTB in each bank from Savings Accounts over to 12 month Fixed Term Deposits. A painless process except for Bangkok Bank who required I go to Immigration and get a letter, saying that I could open a 2nd account. Mai Khao Jaiiii.
 

Just for info….. the Thai Deposit Protection Agency (DPA) now only guarantee deposits up to a maximum of 1MTB in the event of Bank Failure. 8 years ago, the DPA guaranteed 10MTB. 5 years ago it was reduced down to 5MTB. 2 years ago….. 1MTB. Doesn’t really say much for confidence in the banking sector here in T’land.

 

 

[TerraplaneGuy]

Can someone please explain briefly what a fixed deposit account is?  I looked at Bangkok Bank's description and it puzzles me because they have fixed terms (3 months, 12 months, etc.) but it seems you can withdraw the money prior to maturity, the only downside being you then get interest at just the savings account rate (or none at all if you withdraw before 3 months).  That doesn't really sound like a "fixed term", given the ability to withdraw, and it makes me wonder why anyone would NOT get one of these.

[DrJack54]

9 minutes ago, TerraplaneGuy said:

Can someone please explain briefly what a fixed deposit account is?  I looked at Bangkok Bank's description and it puzzles me because they have fixed terms (3 months, 12 months, etc.) but it seems you can withdraw the money prior to maturity, the only downside being you then get interest at just the savings account rate (or none at all if you withdraw before 3 months).  That doesn't really sound like a "fixed term", given the ability to withdraw, and it makes me wonder why anyone would NOT get one of these.

Don't understand why you don't understand.

With most FD accounts you can withdraw funds and the result is loss of interest.

Some folk don't use FD account as interests rates are historical low. 

Not just Thailand.

Yes you might be 10k better off over a savings account per annum for eg 800k+ baht balance. 

 

Some folk obviously prefer the flexibility.

Also other considerations won't go into this thread.

Check out "banking finance" forum. 

Edited June 2, 2023 by DrJack54

[couchpotato]

5 minutes ago, TerraplaneGuy said:

Can someone please explain briefly what a fixed deposit account is?  I looked at Bangkok Bank's description and it puzzles me because they have fixed terms (3 months, 12 months, etc.) but it seems you can withdraw the money prior to maturity, the only downside being you then get interest at just the savings account rate (or none at all if you withdraw before 3 months).  That doesn't really sound like a "fixed term", given the ability to withdraw, and it makes me wonder why anyone would NOT get one of these.

You have just answered your own question, that's exactly what a 'Fixed Deposit' is.

Normal savings you can use ATM, debit card, deposit/withdraw as you like. Fixed deposit cannot be used like that, but as you described it can be  broken with loss of interest.

[The Theory]

21 hours ago, Lorry said:

can I just do it?

Open a CD account and move 800,000 to the new CD account, but do not close the savings account in case if they ask for statement, where the 800,000 came from. 

[stoner]

19 hours ago, OneMoreFarang said:

You could talk with the bank... 

i mean you pretty much closed this thread yet the comments keep flooding in. your response seemed quite reasonable to me. :)

[Lorry]

16 hours ago, DrJack54 said:

Personally I would do this during the "minimum 400k period" 

 

Transfer 400k to the new FD account and next day the other 400k+

Many will see this as not being necessary (over cautious) 

 

Immigration are very quirky about money in bank method. 

The problem with this method is that you will have 2 FD tranches (a poster in another thread called them "contracts") with 2 different dates of maturity, but in the same bank book.

In this case the bank book will state 800,000, but the statement for immigration may only state one tranche, i.e. only 400,000. I just had this problem with Bangkok Bank at CW, and the poster I mentioned had the same problem somewhere else. Bangkok Bank at CW refused to issue me a statement of 800,000, only one tranche (which was 600,000).

[DrJack54]

7 hours ago, Lorry said:

The problem with this method is that you will have 2 FD tranches (a poster in another thread called them "contracts") with 2 different dates of maturity, but in the same bank book

I deal with CW. 

The bank "letter" is basically just to prove you are the owner of the account and it's active.

 

I have a FD account.

I do  not provide bank statement.

CW immigration is ok with photocopies of the bank book.

 

I make a 1000b (minimum allowable) deposit on day of application.

Kasikorn bank. 

[Lorry]

4 hours ago, DrJack54 said:

I deal with CW. 

The bank "letter" is basically just to prove you are the owner of the account and it's active.

 

I have a FD account.

I do  not provide bank statement.

CW immigration is ok with photocopies of the bank book.

Thx.

I do exactly the same,  with Bangkok Bank. I show the letter to immigration and the copy of the FD bank book. The statement (showing less than 800,000) I didn't show. 

Worked very well. 

 

I am switching accounts to Kasikorn Bank, it's good to hear that it's the same procedure with them.

4 hours ago, DrJack54 said:

I make a 1000b (minimum allowable) deposit on day of application.

Why? I have never done this. Nobody ever asked for this. 

Edited June 3, 2023 by Lorry

[Lorry]

4 hours ago, DrJack54 said:

I deal with CW. 

The bank "letter" is basically just to prove you are the owner of the account and it's active.

 

I have a FD account.

I do  not provide bank statement.

CW immigration is ok with photocopies of the bank book.

 

I make a 1000b (minimum allowable) deposit on day of application.

Kasikorn bank. 

BTW with Bangkok Bank 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.

Does Kbank do the same? Or do they give me a new account and a new book every time a FD expires?

Edited June 3, 2023 by Lorry

[DrJack54]

18 minutes ago, Lorry said:

Why? I have never done this. Nobody ever asked for this

It's not require at CW for a FD account.

My reason stems back to my first ever extension (10 yr ago) and the io made me go the the bank and make small deposit into my SAVINGS a/c.

 

Fast forward to current times.

I use 2 accounts same bank.

A FD with 600k+ and savings a/c with 200k+ .

 

The "bank letter" lists both accounts on one page. 100b.

I ask her to deposit 100b into savings and 1000b into FD.

 

As for the follow up question...

Kasikorn just roll over the balance.

No new pp. 

 

Edited June 3, 2023 by DrJack54

[Lorry]

5 minutes ago, DrJack54 said:

It's now require at CW for a FD account.

My reason stems back to my first ever extension (10 yr ago) and the io made me go the the bank and make small deposit into my SAVINGS a/c.

 

Fast forward to current times.

I use 2 accounts same bank.

A FD with 600k+ and savings a/c with 200k+ .

 

The "bank letter" lists both accounts on one page. 100b.

I ask her to deposit 100b into savings and 1000b into FD.

 

As for the follow up question...

Kasikorn just roll over the balance.

No new pp. 

 

Thanks a lot, very helpful

[DrJack54]

5 minutes ago, Lorry said:

Thanks a lot, very helpful

I made typo error. Just corrected it.

Regarding the deposit into FD account.

"NOT required...".

 

Having said that io can vary so I generally suggest a deposit into the FD is a good idea. 

Edited June 3, 2023 by DrJack54

[The Theory]

22 hours ago, The Theory said:

Open a CD account and move 800,000 to the new CD account, but do not close the savings account in case if they ask for statement, where the 800,000 came from. 

You need to be able to have a proof of 400,000 in account all year long. 

[Lorry]

BTW immigration hotline says, you must withdraw from the old bank and deposit at the new bank on the same day.  

 

Not that I would trust them too much...

[scubascuba3]

8 minutes ago, Lorry said:

BTW immigration hotline says, you must withdraw from the old bank and deposit at the new bank on the same day.  

 

Not that I would trust them too much...

Yes, settle same day, which it usually does, within seconds, maybe instant

[DudleySquat]

On 6/2/2023 at 2:35 AM, OneMoreFarang said:

You could talk with the bank... 

I wasn't aware Thai Banks could speak.

 

[scottiejohn]

1 hour ago, Lorry said:

BTW immigration hotline says, you must withdraw from the old bank and deposit at the new bank on the same day.  

 

Not that I would trust them too much...

Do it in 2x400,000 Baht batches when you do not need to keep 800,000 in the a/c!

PS; I can never remember if it is 2 or 3 months after extension!

[Findthai]

Hi! How can I use a fixed deposit for first non-o retirement visa and extentions instead a saving account (Pattaya, Chonburi Immigration)? As far as I know, IO requires to update the passbook with a transaction before submitting documents, but it is impossible on a fixed deposite account.

[CartagenaWarlock]

My friend who stays for 6-month in Thailand keeps his 800K in the US where he earns as much as 20% and donate 12K Baht to agents and IOs for his yearly extension because he feels sorry for their misfortune of not being born in a foreign country where they could have earned in dollars. 

[Skipalongcassidy]

On 6/2/2023 at 1:24 PM, pjuk said:

I did it last month with Kasikorn bank. Moved it to a fixed interest (1.85%) for three years.

Easy just go in and tell them what you want.

Don't forget your passport.

What... you need a passport... there are some among us who do not have it with them.