Retirement: changing from Fixed Deposit to just savings account (Money in the bank)

[MJCM]

As i have had a couple of health scares i wish to move the money I use for my retirement extension (800K+) from a Fixed Deposit account to a savings account so in case something happens my wife can easily withdraw the money, which with a Fixed Deposit is not possible.

 

my extension is due in January 2026, so what would be the best way to change, so that it is acceptable for IO

 

FYI: Immigration is Buriram

 

TiA

[Upnotover]

I changed accounts in the past 12 months. During to 400k period I made sure both accounts had this amount and well before the 800k was needed I topped up the new account.  I provided 12 months statements and copies of bank books for both accounts.  New extension no problem last month at CW.

[DrJack54]

One suggestion: When you are in the 400k minimum time zone transfer 400k into savings account. 

Short time after trasfer the other 400k.

BTW if you cancel the FD account do not surrender the bank book to bank. 

Immigration will want bank letter the bank books for next extension and may want bank statements. 

[MrMuddle]

49 minutes ago, MJCM said:

As i have had a couple of health scares i wish to move the money I use for my retirement extension (800K+) from a Fixed Deposit account to a savings account so in case something happens my wife can easily withdraw the money, which with a Fixed Deposit is not possible.

 

my extension is due in January 2026, so what would be the best way to change, so that it is acceptable for IO

 

FYI: Immigration is Buriram

 

TiA

Why is it not possible for your wife to withdraw the money if you die, have you made a will in Thailand?

[DrJack54]

9 minutes ago, MrMuddle said:

Why is it not possible for your wife to withdraw the money if you die, have you made a will in Thailand?

First up the OP did not necessarily mean access to bank funds in event of passing. Could be just access for medical care. 

As for wife access to bank account in the event of passing that's not as straight forward as some may imagine. 

Discussed often marriage divorce forum 

https://aseannow.com/topic/1317531-800000-baht-account-after-i-die-can-the-partner-access-the-account/

 

[MJCM]

Thx Guys.

 

so what you are saying is transfer first 400k into the savings account and then for example a week later transfer the rest over? Or do you mean an additional 400k.

 

i did my extension in December so I am good on the balance right? 3 months after the extension and 2 months before the 800k must be in the account and the rest of the time it must not dip below 400k. Correct?

[MJCM]

32 minutes ago, DrJack54 said:

First up the OP did not necessarily mean access to bank funds in event of passing. Could be just access for medical care. 

As for wife access to bank account in the event of passing that's not as straight forward as some may imagine. 

Discussed often marriage divorce forum 

https://aseannow.com/topic/1317531-800000-baht-account-after-i-die-can-the-partner-access-the-account/

 

spot on as usual @DrJack54 i can withdraw the money even when I am on my death bed and transfer it to my wife’s account. I have a will in place and before my wife can access that 800k, will be weeks or even months as it has to go through the court system I believe.

 

the transfer from fixed to savings is just a precaution, i am not that worried about the loss of interest 

[Upnotover]

1 minute ago, MJCM said:

Thx Guys.

 

so what you are saying is transfer first 400k into the savings account and then for example a week later transfer the rest over? Or do you mean an additional 400k.

 

i did my extension in December so I am good on the balance right? 3 months after the extension and 2 months before the 800k must be in the account and the rest of the time it must not dip below 400k. Correct?

Correct. You can move the remaining 400k, doesn't need to be additional money.  Just to make 100% at all times there is 400k visible in one of other account. 

[DrJack54]

5 minutes ago, MJCM said:

so what you are saying is transfer first 400k into the savings account and then for example a week later transfer the rest over? Or do you mean an additional 400k

No not an additional 400k.

Just the 400k from the FD account. 

Can even do that same day.. 

5 minutes ago, MJCM said:

3 months after the extension and 2 months before the 800k must be in the account and the rest of the time it must not dip below 400k. Correct

Thats correct. 

So just do it when in the minimum 400k window is open. 

[MJCM]

Perfect. That window is open now if i am correct.

 

oke make it January (i actually did the extension early in December), so 3 months would be mid april, and I have time till September (to play it utterly safe).

 

i will do it when I get home late June, I am still in Pattaya undergoing treatment and waiting for the final surgery.

 

thx again guys, really appreciated

[DrJack54]

6 minutes ago, MJCM said:

I have a will in place and before my wife can access that 800k, will be weeks or even months as it has to go through the court system I believe.

Correct. 

Slightly off topic however if anyone has similar concerns to the OP then using "income method" overcomes the issue of funds being locked up after passing. 

I'm switching to income method for that reason. 

The transfer goes into my bank each month and straight away transferred into my Thai partners account. 

As a result I can have almost zero balance and still satisfy immigration financial requirements. 

[Upnotover]

2 minutes ago, MJCM said:

Perfect. That window is open now if i am correct.

 

oke make it January (i actually did the extension early in December), so 3 months would be mid april, and I have time till September (to play it utterly safe).

 

i will do it when I get home late June, I am still in Pattaya undergoing treatment and waiting for the final surgery.

 

thx again guys, really appreciated

It's actually 2 months prior to/3 months after the date you apply, not the extension date itself. But anyway you'll be fine. And good luck with your treatment 👍

[DrJack54]

4 minutes ago, MJCM said:

I will do it when I get home late June, I am still in Pattaya undergoing treatment and waiting for the final surgery.

The dates you outline are fine. 

BTW: Your doing very sensible thing.