Money requirements for retirement visa

[Sue A]

We maintain our required 800K in a fixed deposit with Bangkok bank. It hasn't moved for years except adding interest. We asked Bangkok bank for the 1 year statement which needs to come from BKK. They told us 5 days, come back Monday (7 days). It was not ready, had to go back Tuesday. We went immediately to immigration but the statement was not valid as it was dated 8 days previously and we had to go back to BKK bank to get another statement for the missing 1 day (another THB400 please!). Apparently this is a common occurrence with this bank and we have had a similar problem before. So, my question is, we want to transfer the deposit to another bank but at what point can we take it all out to move it so we are legal next year? Can we empty the account after three months as long as it is there 3 months before the next year's visa? Thoughts would be appreciated.

[KannikaP]

10 minutes ago, Sue A said:

We maintain our required 800K in a fixed deposit with Bangkok bank. It hasn't moved for years except adding interest. We asked Bangkok bank for the 1 year statement which needs to come from BKK. They told us 5 days, come back Monday (7 days). It was not ready, had to go back Tuesday. We went immediately to immigration but the statement was not valid as it was dated 8 days previously and we had to go back to BKK bank to get another statement for the missing 1 day (another THB400 please!). Apparently this is a common occurrence with this bank and we have had a similar problem before. So, my question is, we want to transfer the deposit to another bank but at what point can we take it all out to move it so we are legal next year? Can we empty the account after three months as long as it is there 3 months before the next year's visa? Thoughts would be appreciated.

Do the rules not say full 800k  for 3 months after the extension, then 50% for 5 months, then back to 800k TWO months before extension date?

If you emptied the account there would be a short period when there was no money there. Why not open a new account with 400k after 3 months, and top that back up to 800 with what was left in Bkk Bank 2 months before.

[foreverlomsak]

6 minutes ago, KannikaP said:

Do the rules not say full 800k  for 3 months after the extension, then 50% for 5 months, then back to 800k TWO months before extension date?

If you emptied the account there would be a short period when there was no money there. Why not open a new account with 400k after 3 months, and top that back up to 800 with what was left in Bkk Bank 2 months before.

I would concur with that.

Just make sure your office is not one of the few who are still insisting on 3 months before.

[foreverlomsak]

9 minutes ago, KannikaP said:

Do the rules not say full 800k  for 3 months after the extension, then 50% for 5 months, then back to 800k TWO months before extension date?

Smartypants says your missing 2 months, 3 + 5 + 2 = 10, or did when I went to school long time ago, will admit we did go decimal at one point.

[ripstanley]

Our local immigration office told a friend that the ideal way was to transfer it the day you get your extension. That way your statement would the 800K for the whole year

Edited September 25, 2023 by ripstanley

[Sigmund]

K Bank is far more foreigner friendly, depending on the Branch. But Hua Hin seems to have many banks that are stubborn and ask for far to many absurd documents from foreigners. 

 

Except the Bangkok Bank branches in HH that seem quite farang friendly.

 

Bangkok is different and many banks are used to deal with foreign visitors and do not make a fuss.But not always a good idea to open an account in a citiy and live in another. They are still in the dark ages so depending what you will need, you will have to go to the branch where the account was opened to get the job done.

 

On reading all the hassles of Thai immigration for retirement, it seems that if you go to Thailand say for 4 or 6 months in winter, you will be spending all your time just chasing the inefficient banks and the over zealous immigration red tape.

 

Why remain in Thailand ultimately ?

Edited September 25, 2023 by Sigmund

[KannikaP]

1 minute ago, foreverlomsak said:

Smartypants says your missing 2 months, 3 + 5 + 2 = 10, or did when I went to school long time ago, will admit we did go decimal at one point.

Sorry, 5 should be 7. Apologies.

[retarius]

I've used Kasikorn for the past 15 years and never had a problem. It cost 150 baht last time and takes only a few minutes of you have priority (a Wisdom card)

[SammyJ]

26 minutes ago, Sigmund said:

On reading all the hassles of Thai immigration for retirement, it seems that if you go to Thailand say for 4 or 6 months in winter, you will be spending all your time just chasing the inefficient banks and the over zealous immigration red tape.

 

Not really at all--these rules are not the bank rules but immigration's rules--Bkk bank is a bit more of a hassle come renewal time, as to get the previous 12 months statements, they must send to Bangkok for them, while other banks can print them out upon demand--for Thailand's largest bank to be unable to print out one's statements does seem strange, but knowing how they work, one just plans, at renewal time, for statements, and on the day the statements arrive, then, when picking up the statements, ask for the deposit letter, and update ur bank book--don't do that PRIOR to ur statements arriving--and I have only ever been charged 100 baht for these documents.  Also, Bkk Bank is one of the banks that can take larger foreign transfer deposits, which is helpful for those doing the monthly income route to renew the retirement visa.  So, it's not ideal, but with a little planning, it works--my bank back in the US gave me more headaches than my Thai bank here.

[DrJack54]

2 hours ago, Sigmund said:

On reading all the hassles of Thai immigration for retirement, it seems that if you go to Thailand say for 4 or 6 months in winter, you will be spending all your time just chasing the inefficient banks and the over zealous immigration red tape.

Is your post serious! 

 

Granted can be difficult to open a Thai bank account with only a tourist visa. 

 

After bank account is opened the banking side of extensions is basically irrelevant.

 

Actually I'm doing my extension next week at CW..

The banking aspect is child's play.

Go to bank lower lever request "Bank Letter" 100b 

Make small deposit and ask them to photocopy photocopy last page of bank book. 

Bank Statements if needed 200b.

Kasikorn can do it on the spot.

Bangkok bank do not. Done! 

In my book Bangkok bank not best option now that more immigration offices are asking for Bank Statements.

 

Seems to me that you know very little regarding extensions based on retirement. Walk in the park.

 

 

 

 

Edited September 25, 2023 by DrJack54

[arithai12]

OP, I am surprised by your account (excuse the pun). I have a fixed deposit account with BKB since many years, like you always untouched except for adding interest. It comes with its own orange-colored passbook. At extension time (ret), I got to my branch, in a few minutes they issue the required letter for Immigration, 100B.

AFAIK, the letter from Bangkok with associated extra time and charges is required when your 800k are in a normal checking account (blue passbook), with deposits and withdrawals during the year.

I suspect the problem lies not with BKB in general, but rather with your specific branch. Do you live in a city with more than one branch? Perhaps find one in which they have some clue.

Edited September 25, 2023 by arithai12

[arithai12]

forgot mention: my branch is in Chiang Mai

[CMBob]

7 hours ago, arithai12 said:

OP, I am surprised by your account (excuse the pun). I have a fixed deposit account with BKB since many years, like you always untouched except for adding interest. It comes with its own orange-colored passbook. At extension time (ret), I got to my branch, in a few minutes they issue the required letter for Immigration, 100B....

I think most banks issue what we all have called the standard bank letter (just a letter from the bank showing the account number, account owner, and balance as of that date) in fairly short order (10-15 minutes).  But didn't you also have to present to Immigration for your extension (retirement) essentially a history of the account for the prior year (and/or monthly bank statements for the year)?  Others (Chiangmai expats only) that ask for that from Bangkok Bank tell me it takes 4-5 days to get that second item.

Edited September 26, 2023 by CMBob

[damian]

I keep my 800k in a normal BKB account (blue passbook). I update the passbook every 3 months or so. On renewal day I copy every page of the passbook, get the letter (100b) from the bank and ask them for a final passbook update and submit all this to Immigration (Tak). Never a problem. 

 

But for the OP yes, I would open your new account before your renewal day and then once you have you renewal transfer the 800k into the new account on the same day.   

[Seeall]

21 hours ago, KannikaP said:

Do the rules not say full 800k  for 3 months after the extension, then 50% for 5 months, then back to 800k TWO months before extension date?

If you emptied the account there would be a short period when there was no money there. Why not open a new account with 400k after 3 months, and top that back up to 800 with what was left in Bkk Bank 2 months before.

not 50%!!!   simple: never below 400k...

[Seeall]

21 hours ago, retarius said:

I've used Kasikorn for the past 15 years and never had a problem. It cost 150 baht last time and takes only a few minutes of you have priority (a Wisdom card)

The old saying I have never had a problem is obsolete.  Best to invest in a full year statements... keep the earlier 6 months hidden untill asked is an idea, shows up  Humty dumpty

into that he has his silly go...  Humty admits they are told to find problems, lucky they are so clever...

[KannikaP]

32 minutes ago, Seeall said:

not 50%!!!   simple: never below 400k...

Eh? What's 50% of 800 please?

[Seeall]

38 minutes ago, Seeall said:

not 50%!!!   simple: never below 400k...

1+1 = 11 right.. go back to school

[chilly07]

If you  collect all the credit  advices from  BB you can present them back to  BB for your annual  statement  and they will provide the immigration documents immediately 

[brianthainess]

23 hours ago, Sigmund said:

just chasing the inefficient banks

From what I hear it is only BKK bank that is that inefficient, Krungsri take 30 min max, last time for me it was 10min.