Extra account for retirement visa?

[sirineou]

30 minutes ago, Lite Beer said:

The requirement is for the money to be in the bank for TWO months.

Stand corrected

[lopburi3]

43 minutes ago, DJ54 said:

Direct deposit ( from US via BB US to BB Thailand) for US Social Security at BB. Only recipient on account, No ATM, No internet banking ( you can check balance, request statement via email password protected) any transactions at bank by recipient only. I use the monthly 65k + method.
 

Easy enough once a month or what’s convenient go to bank transfer to another account internet, ATM account. 

As I posted there is no requirement that 65k monthly or 400k/800k be in such an account made by Thai immigration or banks for normal deposits.  What you have is a bank requirement required forwarding money directly from US Government to protect bank from possible withdrawals after death of account owner.  Those using Wise/SWIFT or other bank to bank transfers do not have such a requirement.

[Yellowtail]

I use a dedicated account (Krunsri Mee Tae Dai), it is not fixed and earns about 1%. 

 

I like having internet banking so I can round it down to the same number the morning I update the book at immigration. 

 

Up until recently, it was earning better interest than my US accounts. 

[LivingNThailand]

23 hours ago, OJAS said:

In your case, though, I would strongly advise you against opening a second account with Bangkok Bank since the Deposit Protection Agency's guarantee scheme limit of 1,000,000 THB covers ALL accounts which you might hold with that particular bank.

 

I think all banks in Thailand have 1,000,000 THB insurance TOTAL for all accounts.  Last year the bank manager at BKK Bank told me not to worry as it was a safe bank.  Transferred most of my money back to the US a few days later.  Except my 800,000 + expenses.

Edited July 5, 2023 by LivingNThailand

[NoDisplayName]

23 hours ago, Jingthing said:

You can use multiple accounts 

Yes, you can....but why would you unless switching account sometime during the year?   Multiple amounts multiplies the risk of one of the multiple accounts falling just short of the required amount.

 

And then you get to request bank guarantee letters and 3- or 6- or 12-month statements (depending on IO office) for each account.

[davidstipek]

9 hours ago, terryq said:

Thought that was an American requirement relating to direct Govt. payments.

 

As said, certainly not a Thai Immigration rule.

Thai rule retirement account in retirees name only!

[NoDisplayName]

6 hours ago, Coota said:

Which bank do you and others have a fixed deposit account?

Bangkok Bank can do a passbook balance update (at desk or auto machine) without requiring a small deposit as required by some other banks.

 

I have a fixed account for my 800K, only transactions are semi-annual interest.  I pop by the bank every three months or so to update the balance.  No change to the amount, but IO gets to see the balance has been maintained.

[NoDisplayName]

5 hours ago, voyagerUSA said:

My agent told me that the 800k balance must be always in the same bank account, so if I move the money to a different account during the year even at the same bank I will no longer qualify for the visa. So then if this is true you are stuck forever in whatever account you started at retirement unless want to spend a year without a visa.

I believe your agent is incorrect.

 

You can switch accounts, but must take care that there is no break in maintaining the balance.

Edited July 5, 2023 by NoDisplayName

[Yellowtail]

20 minutes ago, NoDisplayName said:

Bangkok Bank can do a passbook balance update (at desk or auto machine) without requiring a small deposit as required by some other banks.

 

I have a fixed account for my 800K, only transactions are semi-annual interest.  I pop by the bank every three months or so to update the balance.  No change to the amount, but IO gets to see the balance has been maintained.

That the book will update without a transaction is about the only thing nice about Bangkok Bank. 

[scottiejohn]

16 minutes ago, NoDisplayName said:

I believe your agent is incorrect.

 

You can switch accounts, but must take care that there is no break in maintaining the balance.

Correct;  To be safe in case of money transfer delays between different banks etc Just move 400,000 to the new account outside  the 2/3 months you must maintain the 800,000 for then when it shows in the new account transfer the rest.

[scottiejohn]

Just now, Yellowtail said:

That the book will update without a transaction is about the only thing nice about Bangkok Bank. 

I have been using BKK (and others) for more than 20 years and I think BKK do a very good job for me compared to the others!

[DJ54]

4 hours ago, lopburi3 said:

As I posted there is no requirement that 65k monthly or 400k/800k be in such an account made by Thai immigration or banks for normal deposits.  What you have is a bank requirement required forwarding money directly from US Government to protect bank from possible withdrawals after death of account owner.  Those using Wise/SWIFT or other bank to bank transfers do not have such a

Yes you’re correct…. Thanks for clarifying 

[Yellowtail]

9 minutes ago, scottiejohn said:

I have been using BKK (and others) for more than 20 years and I think BKK do a very good job for me compared to the others!

I'm happy for you, my branch is not that great. Kasikorn and Krunsri on the other hand treat me very well. 

 

 

[Jingthing]

51 minutes ago, NoDisplayName said:

Yes, you can....but why would you unless switching account sometime during the year?   Multiple amounts multiplies the risk of one of the multiple accounts falling just short of the required amount.

 

And then you get to request bank guarantee letters and 3- or 6- or 12-month statements (depending on IO office) for each account.

Actually a more typical use of multiple accounts is falling under on your main account and using another account to correct that. Very useful indeed!

[TaoNow]

Many moons ago, I argued withJingthing that we retirees should view the 800K baht (money-in-the-bank) method as a "bond" submitted to Immigration.  

 

IOW, Immo wanted some guarantee that we retirees had financial viability.

 

JT vehemently objected, saying that the 800K baht funds were not tied up, as an escrow account or bond arrangement would be.

 

While that is true, I felt that TV retirees who wanted peace of mind should simply stash the 800K away in a liquid, Thai savings account and forget about it -- until renewal time.

 

That, in my view, is equivalent to placing a bond on our guaranteed retirement extension of the permit to stay.

 

It has worked for me, and no need for "multiple accounts."

 

[Yellowtail]

11 minutes ago, TaoNow said:

Many moons ago, I argued withJingthing that we retirees should view the 800K baht (money-in-the-bank) method as a "bond" submitted to Immigration.  

 

IOW, Immo wanted some guarantee that we retirees had financial viability.

 

JT vehemently objected, saying that the 800K baht funds were not tied up, as an escrow account or bond arrangement would be.

 

While that is true, I felt that TV retirees who wanted peace of mind should simply stash the 800K away in a liquid, Thai savings account and forget about it -- until renewal time.

 

That, in my view, is equivalent to placing a bond on our guaranteed retirement extension of the permit to stay.

 

It has worked for me, and no need for "multiple accounts."

 

If you only have one account, how do you stash it away and forget about it? 

[Jingthing]

What's really tied up is 400k not 800k.

For income qualifiers the figure is O.

[TaoNow]

Yellowtail: 

 

Obviously, I didn't mean to hide the 800K baht. 

 

I just meant that the funds could be deposited in a Thai bank savings account, and let it earn interest until the need to activate it for annual renewal of the retirement extension.

 

But, thanks for posting to help clarify mine.

[TaoNow]

3 minutes ago, Jingthing said:

What's really tied up is 400k not 800k.

For income qualifiers the figure is O.

JT - I thought I made it clear I was referring to money-in-the-bank method, and also that it need not be 800K year-round. 

 

Please respond to the point made that multple bank accounts are not necessarily useful or needed.

[Jingthing]

5 minutes ago, TaoNow said:

JT - I thought I made it clear I was referring to money-in-the-bank method, and also that it need not be 800K year-round. 

 

Please respond to the point made that multple bank accounts are not necessarily useful or needed.

Sometimes useful.

Sometimes needed.

Accepted.

I already explained why.

[TaoNow]

You said a "typical use" (i.e., of multiple accounts).

 

Do you have some data to support that assertion about TV members who extend on the basis of retirement?

 

The point is, as a veteran poster, you need try to be as objective as you can about the simplest and most straightforward ways to comply with retirement extensions at most/all Immo offices around the country.

 

Otherwise, some members will be led astray.

[DrJack54]

25 minutes ago, TaoNow said:

You said a "typical use" (i.e., of multiple accounts).

 

Do you have some data to support that assertion about TV members who extend on the basis of retirement?

 

The point is, as a veteran poster, you need try to be as objective as you can about the simplest and most straightforward ways to comply with retirement extensions at most/all Immo offices around the country.

 

Otherwise, some members will be led astray.

Thinking you are doing the confusing.

I use 2 accounts same bank both as dedicated accounts for extensions retirement.

One is a fixed account which is 600k+ which covers the months where you can drop to the 400k minimum amount if required.

 

The other is a savings account which normally has 400k.

 

 

Kasikorn provide one bank letter listing both accounts.

Dealing with CW it's easy to do that on day of application. 

 

Everyone has their own formula 

 

 

Edited July 5, 2023 by DrJack54

[Jingthing]

27 minutes ago, TaoNow said:

You said a "typical use" (i.e., of multiple accounts).

 

Do you have some data to support that assertion about TV members who extend on the basis of retirement?

 

The point is, as a veteran poster, you need try to be as objective as you can about the simplest and most straightforward ways to comply with retirement extensions at most/all Immo offices around the country.

 

Otherwise, some members will be led astray.

This isn't a court of law.

[Paris333]

Since Thailand do not offer any Deposit Insurance Scheme it is a "black Jack casino" to tranfer money.Nowadays there abundance of Banks everywhere where offer you high interest deposit rates.But what about of Deposit Insurance Scheme?

Deposit Guarantee Fund? What world do you live in?

Eurogroup boss Paschal Donohoe wants to tackle one of the most controversial issues in European financial architecture. According to EU circles, he will present a two-phase model for European deposit insurance during a conference call with euro finance ministers on Tuesday.
With the step-by-step approach, he hopes to assuage the concerns of member states - especially the Germans.
From the point of view of the European Commission and the European Central Bank (ECB), deposit insurance is of great importance as the third pillar of the banking union. After the financial crisis and the euro debt crisis, banking supervision was already entrusted to the ECB. In addition, a European resolution mechanism for banks in crisis was introduced.
On the other hand, the debate on a common European deposit insurance scheme has not progressed for years – mainly because of German resistance. The new federal government had stated in its coalition agreement that it was only prepared for a reinsurance system in which national security systems back each other up in emergencies. However, it rejects joint liability for savings deposits.

Source:https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/euro-gruppe-neuer-anlauf-zur-europaeischen-einlagensicherung-bundesregierung-laeuft-sturm/28296088.html

[foreverlomsak]

5 hours ago, NoDisplayName said:

Bangkok Bank can do a passbook balance update (at desk or auto machine) without requiring a small deposit as required by some other banks.

Yes they do, but the auto machine every other time overwrites previous entries, which makes things difficult. One time it put 3 or maybe it was 4 line entries on top of each other so the passbook could not be reconciled (needed to get a statement) and copies for Immigration is a total waste of time.

[TimeMachine]

On 7/4/2023 at 4:41 PM, OJAS said:

I wholeheartedly endorse the view that it is best to open a second account with no internet access or card linked to it in order to house the 800,000 THB minimum balance needed for retirement extension purposes.

 

In your case, though, I would strongly advise you against opening a second account with Bangkok Bank since the Deposit Protection Agency's guarantee scheme limit of 1,000,000 THB covers ALL accounts which you might hold with that particular bank.

 

Im curious. Is the deposit guarantee for non thais too? I wouldnt have thought government would be too concerned about protecting anyone but their own citizens. Has anybody specifically checked? 

[DrJack54]

19 minutes ago, TimeMachine said:

Im curious. Is the deposit guarantee for non thais too? I wouldnt have thought government would be too concerned about protecting anyone but their own citizens. Has anybody specifically checked? 

Stop nonsense posts. Not helpful 

[TimeMachine]

19 minutes ago, DrJack54 said:

Stop nonsense posts. Not helpful 

I will post what I want. But thanks for letting me know you didnt find it useful for yourself my lord. 

[scottiejohn]

9 hours ago, DrJack54 said:

Stop nonsense posts. Not helpful 

We seem to have a new self elected moderator!

[bamnutsak]

Regarding Bangkok Bank specifically, will they allow a current standard passbook savings account holder to open a second account (fixed, or standard) without issue?

 

Does one need to demonstrate the provenance of the 800,000? From outside of Thailand? Denoted as FTT? In one lump sum? Can the 800,000 be transferred into Thailand into one BBL account and then transferred to a second BBL account?