Extra account for retirement visa?

[Yellowtail]

31 minutes ago, scottiejohn said:

We seem to have a new self elected moderator!

New?

[Yellowtail]

20 minutes ago, bamnutsak said:

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?

As I understand it, the 800K can be from anywhere, but it has to be in the account for the specified time period. 

[Yellowtail]

I have several accounts at multiple banks. I think it is good to have in Thailand at least:

One small-balance account for day-to-day transactions. 

One main account to maintain bulk of funds and to accept larger transfers.

One account for immigration.

 

I reload the small-balance account about once a month from the main account, and do not worry much about it. 

The main account pretty much only transacts with my US bank and my small-balance account.

The immigration account only interacts with the small-balance account when I transfer out the interest to round it down, right before I update the book in the morning at immigration. 

[LivingNThailand]

17 hours ago, NoDisplayName said:

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

Definitely can do that, but have to do the transfer the same day.  I opened a new account at my local branch and switched money from a Bangkok branch the same day and no problem with immigration.  You just can't take the money out of one account, keep it out for a day or two, and then put it in the new account.   I had to show two statements and two bank books the first year, but immigration didn't bat an eye.

[LivingNThailand]

1 hour ago, bamnutsak said:

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

I have three accounts at BKK bank, no problem.  One with the 800,000, one for day to day  expenses with an ATM card, and a third that I use as a "savings" account, which I wire money to every 6 months. That way I don't have six months of money in my ATM account and I can transfer a monthly amount into my ATM account.  works for me and I can budget somewhat.

Edited July 6, 2023 by LivingNThailand

[AlexRRR]

On 7/5/2023 at 6:20 AM, rwill said:

I think it is better to have a separate account for the immigration requirement for a couple of reasons.  

1)  To have bank statements that don't have 100's of entries for immigration to look at.

2) To keep you from accidentially overspending and dropping below the required amount.

 

I imagine even a regular savings account you could open without getting a card for it if you wanted.

I am soon to drop 800k into a fixed account for visa requirements, question, they ask for bank statments for the year, do you show each account or statments of where the 800k is parked only and they acccpet it?

[Yellowtail]

4 minutes ago, AlexRRR said:

I am soon to drop 800k into a fixed account for visa requirements, question, they ask for bank statments for the year, do you show each account or statments of where the 800k is parked only and they acccpet it?

Only the 800K account

 

As I understand it, you only have to show the book and provide the bank letter and copies of the book. 

 

Edited July 6, 2023 by Yellowtail
text

[AlexRRR]

1 minute ago, Yellowtail said:

Only the 800K account

Thank you, im with BKK bank, will they require a residency certificate from me to open this new account? 

 

Like i been with them for a year, transferred funds in to buy a condo and car, so they know me....But this is Thailand....still learning....

[Yellowtail]

29 minutes ago, AlexRRR said:

Thank you, im with BKK bank, will they require a residency certificate from me to open this new account? 

 

Like i been with them for a year, transferred funds in to buy a condo and car, so they know me....But this is Thailand....still learning....

It's a crap-shoot. Sooner you try, the sooner you'll know. 

[proton]

On 7/5/2023 at 7:20 AM, Lite Beer said:

As said, open a fixed deposit account and don't touch it.

Problem now is how can you change it? have to have at least 400k, take it all out, say the 800k at any time to open a fixed deposit and surely they might say no extension

[Yellowtail]

8 minutes ago, proton said:

Problem now is how can you change it? have to have at least 400k, take it all out, say the 800k at any time to open a fixed deposit and surely they might say no extension

What is your question? 

 

 

[proton]

15 minutes ago, Yellowtail said:

What is your question? 

 

 

Thought it was obvious, if you have 800/400 k in the bank for a long time in a normal account and want to take it out and put it in a fixed account for more interest how can you do that and still stay in the guidelines? Now you have to have at least 400k for three months in the bank after an extension. Surely as soon as you take the money out to put in a fixed account you have stuffed up your next extension.

[NoDisplayName]

1 hour ago, Yellowtail said:

Only the 800K account

 

As I understand it, you only have to show the book and provide the bank letter and copies of the book. 

 

Depends on which office.  Korat requires a 2-month statement from the bank in addition to the guarantee letter.

[lopburi3]

30 minutes ago, proton said:

Thought it was obvious, if you have 800/400 k in the bank for a long time in a normal account and want to take it out and put it in a fixed account for more interest how can you do that and still stay in the guidelines? Now you have to have at least 400k for three months in the bank after an extension. Surely as soon as you take the money out to put in a fixed account you have stuffed up your next extension.

Actually you have to have 800k in bank for 3 months after obtaining extension and then can go to 400k until two months before next extension when it must return to 800k.

[NoDisplayName]

30 minutes ago, proton said:

Thought it was obvious, if you have 800/400 k in the bank for a long time in a normal account and want to take it out and put it in a fixed account for more interest how can you do that and still stay in the guidelines? Now you have to have at least 400k for three months in the bank after an extension. Surely as soon as you take the money out to put in a fixed account you have stuffed up your next extension.

Open a fixed account with the minimum 2000 baht at the same bank you have 400/800k in savings.

 

Once you get your fixed passbook, hand both to the nice lady at the desk and ask to transfer 400/800k from savings to fixed.  You'll have two passbooks showing evidence of the transfer on the day.

 

The transfer is immediate, with no break in maintaining the required balance.  You'll need to provide letters and statements from and copies from both accounts next extension.

 

[rwill]

3 hours ago, AlexRRR said:

Thank you, im with BKK bank, will they require a residency certificate from me to open this new account? 

 

Like i been with them for a year, transferred funds in to buy a condo and car, so they know me....But this is Thailand....still learning....

When I opened my fixed account I just needed my passport.  Already had a savings account.  This was SCB though.

[BritTim]

5 hours ago, Yellowtail said:

As I understand it, the 800K can be from anywhere, but it has to be in the account for the specified time period. 

When applying for a visa at immigration (as opposed to a retirement extension) the official guidelines say that you need proof that the funds came from abroad. In practice, at almost all immigration offices, they will waive providing this proof if the money has already been in the account continuously for several months.

[khunJam]

7 minutes ago, BritTim said:

When applying for a visa at immigration (as opposed to a retirement extension) the official guidelines say that you need proof that the funds came from abroad. In practice, at almost all immigration offices, they will waive providing this proof if the money has already been in the account continuously for several months.

What about after doing an extension? Do the funds need to show foreign transfer for annual extensions? Example transferring funds from one Thai bank to another Thai bank, it probably won’t show it being a foreign transaction.

[BritTim]

7 minutes ago, khunJam said:

What about after doing an extension? Do the funds need to show foreign transfer for annual extensions? Example transferring funds from one Thai bank to another Thai bank, it probably won’t show it being a foreign transaction.

If you are asking about applying for a new visa  at Thai immigration just after transferring money between accounts, talk to the immigration office to see what they require. This is an edge case. For extensions, the funds must be seasoned. For a visa application, you need proof the funds came from abroad, but most immigration offices will accept funds seasoning as an alternative. Will they accept proof you have had the money for months, with a chain of custody showing movement of the money? I do not know.

[Phulublub]

On 7/5/2023 at 10:58 AM, 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.

Moved banks mid-year last year - showed both sets of diocuments at (Jomtien) Immifration for renewal - no problems at all.

 

PH

[Phulublub]

41 minutes ago, khunJam said:

What about after doing an extension? Do the funds need to show foreign transfer for annual extensions? Example transferring funds from one Thai bank to another Thai bank, it probably won’t show it being a foreign transaction.

No....just look at all those of us who keep 800K permanently here year after year....

 

PH

[davidstipek]

On 7/5/2023 at 6:55 AM, lopburi3 said:

There is no such requirement for 65k monthly accounts or 400/800k yearly accounts.

I am here at Immigration in Chiangmai ( Yes I know it's late. A bunch of us are sharing some Budwiser that friend from Thai Air dropped off. They are taking names and I.P. addresses of the ones here who are saying we don't need a Retirement Savings Account. They know I have and so this includes the other 4 Expats sitting here. Might be some Soul Searching through there Data based here. I advise to not befriend anyone here if you could be on the list who says we don't need... Just saying...

 

[couchpotato]

5 minutes ago, davidstipek said:

I am here at Immigration in Chiangmai ( Yes I know it's late. A bunch of us are sharing some Budwiser that friend from Thai Air dropped off. They are taking names and I.P. addresses of the ones here who are saying we don't need a Retirement Savings Account. They know I have and so this includes the other 4 Expats sitting here. Might be some Soul Searching through there Data based here. I advise to not befriend anyone here if you could be on the list who says we don't need... Just saying...

 

Sorry but I find this post very confusing...

[nglodnig]

On 7/5/2023 at 5:58 AM, voyagerUSA said:

My agent told me that the 800k balance must be always in the same bank account

I have heard different - I know someone who keeps it MULTIPLE accounts. As always - each office seems to have its' own rules it seems.

[lopburi3]

6 hours ago, davidstipek said:

I am here at Immigration in Chiangmai ( Yes I know it's late. A bunch of us are sharing some Budwiser that friend from Thai Air dropped off. They are taking names and I.P. addresses of the ones here who are saying we don't need a Retirement Savings Account. They know I have and so this includes the other 4 Expats sitting here. Might be some Soul Searching through there Data based here. I advise to not befriend anyone here if you could be on the list who says we don't need... Just saying...

 

The poster I responded to said retirement accounts could not have ATM or electronic access.  That is not true, as I stated in my quote, for normal 65k per month or 800k yearly accounts.  It can be a bank requirement for direct US government deposit accounts, but that has nothing to do with immigration rules.

[flyingfox1]

apparently not

[UWEB]

On 7/5/2023 at 8:51 AM, RocketDog said:

Joining several others here. I got a Fixed deposit acct on advice from an immigration officer I know in Huahin office. Definitely the way to.go.

Have you used your Fixed Account for Extension of Stay at Hua Hin Immigration meanwhile, was it accepted?

[RocketDog]

      22 hours ago, UWEB said:  Have you used your Fixed Account for Extension of Stay at Hua Hin Immigration meanwhile, was it accepted?

 

 

 

  Yes. In fact it was an Immigration officer who suggested it and even had me meet her at my bank. When I got there she had bank people ready to help me and it was done in 20 min.  Used it for three years now. I still go the day before my extension to get the statement letter.   Never need any other bank account info. 

[UWEB]

6 hours ago, RocketDog said:

      22 hours ago, UWEB said:  Have you used your Fixed Account for Extension of Stay at Hua Hin Immigration meanwhile, was it accepted?

 

 

 

  Yes. In fact it was an Immigration officer who suggested it and even had me meet her at my bank. When I got there she had bank people ready to help me and it was done in 20 min.  Used it for three years now. I still go the day before my extension to get the statement letter.   Never need any other bank account info. 

Thanks for the Info, but sounds a bit fishy. Why the IO has helped you to get a fixed Bank Account, you payed her for?

[RocketDog]

             11 hours ago, UWEB said:  Thanks for the Info, but sounds a bit fishy. Why the IO has helped you to get a fixed Bank Account, you payed her for?            She was  was there opening in a count for another ferrang couple and did it as a courtesy for me also. she was in her I owe uniform and was there on official business. We have known her for several years and she has helped us with other issues and is very helpful actually. I tried to offer her some money but she refused it and just smiled.  nothing fishy about it at all .