is any bank account good for proof of funds?

[Pouatchee]

I have 800 000 bht and i have been getting crap interest for the last 4 years. i read here not too long ago of about someone who is going to  transfer his money to krung thai, or scb being that they pay better interest. My question is, 'when time come to extend my marriage visa will any bank account do for proof of funds?'

 

Are there restrictions on the kinds of bank accounts one can use?

 

thanks ahead

[KhunBENQ]

It's about the account type.

The balance shown must be available for full withdraw at any time (no penalty).

Some account types with higher interest might not fulfill this condition.

The usual "Fixed Deposit" on the other hand does.

 

I am not aware of any Thai banks not allowed.

(all banks in the country are registered under Thai law whatever foreign name they might have.

Which bank you choose is more of a practical decision depending on how experienced banks are in handling foreigners.

 

[Pouatchee]

Just now, KhunBENQ said:

It's about the account type.

The balance shown must be available for full withdraw at any time (no penalty).

Some account types with higher interest might not fulfill this condition.

The usual "Fixed Deposit" on the other hand does.

 

I am not aware of any Thai banks not allowed.

(all banks in the country are registered under Thai law whatever foreign name they have.

 

 

so, The usual "Fixed Deposit" on the other hand does

no worries with a fixed deposit?  great

thanks KhunBENQ

[KhunBENQ]

Just now, Pouatchee said:

 

so, The usual "Fixed Deposit" on the other hand does

no worries with a fixed deposit?  great

thanks KhunBENQ

No worries with "Fixed Deposit" from Bangkok Bank at Khon Kaen immigration since 11 years.

And I can't remember anyone reporting problems at other immigration offices.

[lopburi3]

Just a caution that money must be in account at required level for required time each year.  You say 800k in account which would be for retirement extension requirement but that you will be extending for 400k marriage.  Be sure you have the 400k in account for 2 months before next application for extension of stay (moving funds can be an issue at times - you are aware that for marriage you only require the 400k in bank for about 3 months each year)?

[DrJack54]

OP, why are you mentioning 800k.

This is for extensions based on retirement. 

If you are changing to based on marriage then make that clear.

For extensions based on marriage you only need to tie up money for 2 months prior to extension + under consideration period.

Alternatively transfer 40k every month.

Don't understand the value of chasing bit of extra money with an FD account. 

[Pouatchee]

5 minutes ago, lopburi3 said:

Just a caution that money must be in account at required level for required time each year.  You say 800k in account which would be for retirement extension requirement but that you will be extending for 400k marriage.  Be sure you have the 400k in account for 2 months before next application for extension of stay (moving funds can be an issue at times - you are aware that for marriage you only require the 400k in bank for about 3 months each year)?

 

yes, i know 800000for retirement. i used to be on a retirement extension now am on marriage. i simply havent used any of the money, nor do i plan to. as i saId b4 i want more interest. 2500bht a year is ridiculous and the bank acts as if i should be grateful.

thx lopburi3

[Pouatchee]

3 minutes ago, DrJack54 said:

OP, why are you mentioning 800k.

This is for extensions based on retirement. 

If you are changing to based on marriage then make that clear.

 

i am on marriage now and have had the 800000 for a while as i was on retirement. i dont need to touch this money, it can sleep and get interest no matter how pitiful. but i do want the best interest. if i can go from 2500 to 25000... that would be great

[Pouatchee]

30 minutes ago, KhunBENQ said:

The usual "Fixed Deposit" on the other hand does.

 

what interest rate are you getting? and do you find bkk bank offers the best service/interest... did you shop around?

[DrJack54]

22 minutes ago, Pouatchee said:

 

what interest rate are you getting? and do you find bkk bank offers the best service/interest... did you shop around?

So now on extensions based on marriage. 

What method are you using for extensions. 

Money in bank or income method.

Can't understand why you are even asking about putting funds in a Thai bank.

If I had a lazy 800k baht sitting around I would stick into super fund/shares.

Thinking better advice for you in banking finance forum 

[Pouatchee]

13 minutes ago, DrJack54 said:

So now on extensions based on marriage. 

What method are you using for extensions. 

Money in bank or income method.

 

thanks for the info on 'super fund/shares'. my query is purely about visas. i rather have all the funds in one bank account that i dont touch in case i need to switch back to retirement extension. i understand there are better ways to earn interest and my choice may seem inconceivable, but for me it works. 

 

btw i use money in bank method... should have stated...

 

thanks...

[Liquorice]

6 hours ago, DrJack54 said:

Can't understand why you are even asking about putting funds in a Thai bank.

If I had a lazy 800k baht sitting around I would stick into super fund/shares.

Much easier for a spouse to access funds in a Thai bank in the event of one's demise.

[lopburi3]

1 minute ago, Liquorice said:

Much easier for a spouse to access funds in a Thai bank in the event of one's demise.

Actually not when it is in your name only.  Thailand does not provide pay on death and will have to go through normal court process from my understanding.  

[DrJack54]

1 minute ago, Liquorice said:

Much easier for a spouse to access funds in a Thai bank in the event of one's demise.

There is a lot involved in that topic.

My suggestion to anyone with Thai wife or (in my case) long term partner is to have thorough look into that issue. 

Make informed plans

[Liquorice]

12 minutes ago, DrJack54 said:

There is a lot involved in that topic.

Very simple process if you're legally married to a Thai, with or without a Will.

'Long term partner' Jack, suggest a Will.

[brianthainess]

10 minutes ago, lopburi3 said:

Actually not when it is in your name only.  Thailand does not provide pay on death and will have to go through normal court process from my understanding.  

Still better and easier than an overseas account, the Thai family court takes about 3 months to clear probate & lawyers or wills are not necessary, despite the nay-sayers. According to Krungsri bank that was answered in an email;

Get the letter from family court, go to bank with bank book, death cert and PP. 

[DrJack54]

6 minutes ago, Liquorice said:

Very simple process if you're legally married to a Thai, with or without a Will.

'Long term partner' Jack, suggest a Will.

Married without a Will "very simple process" 

Beg to differ. 

BTW married guys you can have your wife as a signatory in your bank book and account is still in your name only. 

 

Re folk not married...(me).

I'm in the process of switching to income method. In fact may opt for agent.

The monthly income transfer lands in my account and goes straight into hers.

The balance in my account minimal..

[Liquorice]

4 minutes ago, DrJack54 said:

Married without a Will "very simple process" 

Beg to differ. 

No, it's a simple process.

Assisted 4 Thai spouses, who's foreign husbands passed away, been there, done it, got the t-shirt.

[brianthainess]

7 hours ago, Pouatchee said:

 

yes, i know 800000for retirement. i used to be on a retirement extension now am on marriage. i simply havent used any of the money, nor do i plan to. as i saId b4 i want more interest. 2500bht a year is ridiculous and the bank acts as if i should be grateful.

thx lopburi3

Krungsri Bank pays 0.9% a year up to 2million deposited in a Mee Tee Dai account, you can also open a normal savings account 0% for things like direct debits, taxed at source so about 7,200 a year interest paid monthly or as I like to think of it  a fee box of beer every month.    Cheers. edit they also only take about 30min max to make the bank letter and statements for immigration.

[DogNo1]

I thought that you were looking for an alternative to your present bank with an account that would pay a better rate of interest than you are getting now.   What is your present bank and how much interest are you earning?  Your question didn’t seem to about “just visas.”

[brianthainess]

15 minutes ago, DrJack54 said:

Married without a Will "very simple process" 

Beg to differ. 

You are wrong. 

[Liquorice]

45 minutes ago, lopburi3 said:

Actually not when it is in your name only.  Thailand does not provide pay on death and will have to go through normal court process from my understanding.  

You can have your wife added as a signature to the account via the bank's own power of attorney form.
Her name does not show on the passbook, statements or letters produced by the bank.

 

Where the account is in the sole name of the account holder, then the wife requires a court order.

She will require a solicitor to request a court hearing. Under Thai law, she is the statutory heir by right. Depending on how busy the courts are, a hearing could take 2–3 weeks.

The court approves the order and sends it to the solicitor for collection by the spouse, which usually takes no longer than 3–5 days.

On production of the court order, death certificate and marriage certificate, the bank will release funds to the spouse.
Solicitors fee 3,000 BHT.

 

Been through this process 3 times.

[Liquorice]

8 hours ago, Pouatchee said:

so, The usual "Fixed Deposit" on the other hand does

Bangkok Bank 14-month Fixed Term deposit account 1.65%
After the term ends, the interest reverts to that of a Savings account, unless you roll it over into another 14-month term.
I leave the interest and allow it to compound, which adds up after a few years.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Deposit-Campaign

 

15% tax will automatically be deducted from any interest paid.
This can be reclaimed Jan–April each tax year.

[lopburi3]

12 minutes ago, Liquorice said:

You can have your wife added as a signature to the account via the bank's own power of attorney form.
Her name does not show on the passbook, statements or letters produced by the bank.

 

Where the account is in the sole name of the account holder, then the wife requires a court order.

She will require a solicitor to request a court hearing. Under Thai law, she is the statutory heir by right. Depending on how busy the courts are, a hearing could take 2–3 weeks.

The court approves the order and sends it to the solicitor for collection by the spouse, which usually takes no longer than 3–5 days.

On production of the court order, death certificate and marriage certificate, the bank will release funds to the spouse.
Solicitors fee 3,000 BHT.

 

Been through this process 3 times.

Have seen much longer times mentioned (perhaps because of no idea how - but as you say also up to the speed of the court).

[dayo202]

Do the account need a passbook for immigration  ? 

[PoorSucker]

1 hour ago, lopburi3 said:

Actually not when it is in your name only.  Thailand does not provide pay on death and will have to go through normal court process from my understanding.  

Happened to my Norwegian friend when his Norwegian wife died, four months..

[NanLaew]

1 hour ago, lopburi3 said:

1 hour ago, Liquorice said:

Much easier for a spouse to access funds in a Thai bank in the event of one's demise.

Actually not when it is in your name only.  Thailand does not provide pay on death and will have to go through normal court process from my understanding.  

 

Easier to give your wife the PIN for the card associated with the account. Sorted.

 

It's all about trust.

[Liquorice]

21 minutes ago, lopburi3 said:

Have seen much longer times mentioned (perhaps because of no idea how - but as you say also up to the speed of the court).

Probably longer in more populated areas, such as CM and Bangkok.

[Liquorice]

Just now, NanLaew said:

Easier to give your wife the PIN for the card associated with the account. Sorted.

For the Savings account, but for a Fixed term account, there is no card.

[NanLaew]

Just now, Liquorice said:

For the Savings account, but for a Fixed term account, there is no card.

 

Then don't faff about with the latter? Ultimately, it's placing peanuts above her financial security.