I am very risk averse, and happen to have two FD accounts at BBL with more than 800K in each.

Is it a good idea to register both for retirement extension, just in case something should happen with one of the accounts (I know, quite unlikely...), or am I just worrying too much?

Is there any possible negatives with this approach, and can it in any way lock me in for the following year(s)?

You really need to get a third account just in case

16 minutes ago, MeaMaximaCulpa said:

Is it a good idea to register both for retirement extension, just in case something should happen with one of the accounts (I know, quite unlikely...), or am I just worrying too much?

Absurd post.

First up you don't register bank accounts for extensions.

Also nothing will happen.

Choose one account and use that each year.

Off topic but you are maintaining 1.6 million in Thai banks earning rubbish interest.

Your redundancy plan fails most tests. To be redundant, you need to have something different. You have two accounts, but they're both with Bangkok Bank.

Open a new account with a different bank, and move one of the 800k to that new bank account.

This will give you actual redundancy, because if a bank decides they are not interested in having you as a customer anymore, or were to say, freeze your accounts, they will likely do it to all of them, not just one.

10 hours ago, BrandonJT said:

Your redundancy plan fails most tests. To be redundant, you need to have something different. You have two accounts, but they're both with Bangkok Bank.

Open a new account with a different bank, and move one of the 800k to that new bank account.

This will give you actual redundancy, because if a bank decides they are not interested in having you as a customer anymore, or were to say, freeze your accounts, they will likely do it to all of them, not just one.

Yes thanks, that takes it to another level, not only protecting against an account mishap, but also against "debanking issues". My initial thought was to use BBL since it would be easy to do with one visit to the bank, just ask them to add another account to the bank letter. I do also use Krungsri, so I could move some money there as you suggest. I might end up having a third bank in the long term, not for immigration but as a precaution against "strange things" happening. I did talk to BBL the other day about their recent "behaviors", and the person I spoke to said "oh no, you're a very long standing customer on one year extensions using an FD account, so you're ok". For whatever that is worth going forward.

But to my initial question: Can you see anything (except for a bit more hazzle once per year) talking against using two accounts, from Immigration's point of view? I can choose year-by-year what to do as long as the amount is above 800K?

11 hours ago, DrJack54 said:

Absurd post.

First up you don't register bank accounts for extensions.

Also nothing will happen.

Choose one account and use that each year.

Off topic but you are maintaining 1.6 million in Thai banks earning rubbish interest.

The post is not at all absurd, since it addresses a real issue affecting several people on the forum on a regular basis. An issue of great importance if you live here long term. So perhaps tone down the condescending and resentful language a little bit would be a good idea?

And I belive I saw a post where the amount dipped momentarily below 800K, and the specific IO did not approve using another account to plug the hole since it was not "registered" in advance. And you understand full well that what I mean by this is listing it on the bank letter.

And how on earth do you know that "nothing will happen"?

Finally if you wish to give unsolicited investment advice, perhaps you should not only say what I should not do, but also what I should do? Like what (near) risk free investment that I can access here in Thailand will give a substantially better return?

So if you have no intention of addressing the specific question asked (any downside to doing as I suggested?), then perhaps better to not respond at all?

1 hour ago, MeaMaximaCulpa said:

Yes thanks, that takes it to another level, not only protecting against an account mishap, but also against "debanking issues". My initial thought was to use BBL since it would be easy to do with one visit to the bank, just ask them to add another account to the bank letter. I do also use Krungsri, so I could move some money there as you suggest. I might end up having a third bank in the long term, not for immigration but as a precaution against "strange things" happening. I did talk to BBL the other day about their recent "behaviors", and the person I spoke to said "oh no, you're a very long standing customer on one year extensions using an FD account, so you're ok". For whatever that is worth going forward.

But to my initial question: Can you see anything (except for a bit more hazzle once per year) talking against using two accounts, from Immigration's point of view? I can choose year-by-year what to do as long as the amount is above 800K?

I would advise just use the same account every year, unless there is an issue. Never volunteer information that isn't asked for, as the most likely outcome is confusing them.

1 hour ago, MeaMaximaCulpa said:

Yes thanks, that takes it to another level, not only protecting against an account mishap, but also against "debanking issues". My initial thought was to use BBL since it would be easy to do with one visit to the bank, just ask them to add another account to the bank letter. I do also use Krungsri, so I could move some money there as you suggest. I might end up having a third bank in the long term, not for immigration but as a precaution against "strange things" happening. I did talk to BBL the other day about their recent "behaviors", and the person I spoke to said "oh no, you're a very long standing customer on one year extensions using an FD account, so you're ok". For whatever that is worth going forward.

But to my initial question: Can you see anything (except for a bit more hazzle once per year) talking against using two accounts, from Immigration's point of view? I can choose year-by-year what to do as long as the amount is above 800K?

I have used BBL accounts to support my extension for the past 10 years, the 1st 5 years I used a normal Savings account then I opened an FD account, topped it up to >800K and ran it in parallel with >800K in the savings account for a year then switched to using the FD account at immigration and have at times let my savings account go below the minimum 400K, no problems in switching and no need to tell Immigration about having another account.

However, this year I went to move some money from my FD account to my Savings account and had problems with BBL wanting additional proof of address with the threat of closure (Of the FD account only!) if I couldn't provide it... https://aseannow.com/topic/1383721-more-fun-games-with-bangkok-bank/

This could have left me in a difficult position with Immigration so despite sorting it out with BBL I decided to open an FD account with Kasikorn (Already have a normal account with them) and will be topping this up to 800K before my next extension, running it in parrallel with my BBL FD account but hopefully using it for my next extension.

Originally 3 months after my next extension, I was planning on closing the BBL FD account but I also like to take a belt and braces approach to things that are important to me so will probably just leave them both at >800K (I've never kept <2.5 Million THB in-country anway as I like to keep money here for emergencies, even though I have Health Insurance) ,I accept the poor investment return in exchange for peace of mind.

If you do decide to have a 2nd account with >800K, highly recommend not opening it with BBL, definately go for a Krungsri or Kasikorn account for the extra flexibility/piece of mind.

2 hours ago, MeaMaximaCulpa said:

And I belive I saw a post where the amount dipped momentarily below 800K,.....

Your title heading refers to Fixed Deposit accounts.

You don't "dip below" With an FD account.

Second account with 800k+ is pointless.

Con is with a FD account you will not get any money if the bank goes tits up, as opposed to the guaranteed 1million if it does with a 'normal' one....

9 minutes ago, brian69 said:

Con is with a FD account you will not get any money if the bank goes tits up, as opposed to the guaranteed 1million if it does with a 'normal' one....

FD (Fixed Deposit) accounts are covered by the 1Million THB Deposit Protection act, it's Foreign Currency Accounts that are not...

Protected Deposits

Thai Baht Deposits only i.e. Current Deposits, Savings Deposits, Fixed Deposits, Certificates of Deposit, and Deposit Receipts

https://www.bangkokbank.com/en/personal/Grow-Club/Save-and-Invest/Practical-advice-on-deposit-protection

15 hours ago, MeaMaximaCulpa said:

I am very risk averse, and happen to have two FD accounts at BBL with more than 800K in each.

Is there any possible negatives with this approach, and can it in any way lock me in for the following year(s)?

This may be a good reason to spread your deposits to different banks:

Your Thai Baht accounts are insured by the DPA/BoT for up to 1,000,000 baht per person per bank! So, if there is a bank failure with BBL, you will only get 1mio, not 1.6mio.

2 hours ago, DrJack54 said:

Your title heading refers to Fixed Deposit accounts.

You don't "dip below" With an FD account.

Second account with 800k+ is pointless.

Perhaps a bit of overkill, but pointless? Definitely not, for several perfectly reasonable reasons noted here.

7 minutes ago, TimBKK said:

Definitely not, for several perfectly reasonable reasons noted here.

Point out the best reason to maintain two accounts with 800k.

They are FD accounts so accidental slip below 800k can't be a reason.

So please point out another.

2 hours ago, DrJack54 said:

Your title heading refers to Fixed Deposit accounts.

You don't "dip below" With an FD account.

Second account with 800k+ is pointless.

It is of course not so easy to do as with a savings account also used for daily expenses, but here is a plausible way it can happen:

Say I have 890,000 in my FD account, the 90K being accumulated interest over some years. I want to withdraw 89K, but mistakenly put 98K on the withdrawal slip. Teller doesn't check before withdrawal, and now it is too late, my FD account has indeed dipped below 800K for a few minutes, until I repair the damage. Not saying it is likely, but certainly possible. So 2nd account even with FD is not pointless to me, which this is all about. Not what it is to you.

3 minutes ago, MeaMaximaCulpa said:

Not saying it is likely, but certainly possible

The example you gave is fanciful.

Out of the thousands of expats on retirement extensions using money in bank method how many would opt to use two FD accounts of 800k+

Answer: None

18 hours ago, MeaMaximaCulpa said:

Is there any possible negatives with this approach, and can it in any way lock me in for the following year(s)?

Yes, the "possible negatives" is that you have b oth accounts in BBL. Move one of them to another bank if you wish that kind of security; preferablky use 12-months fixed accounts for best interest and withdraw interest annually, so you have a clean deposit of 800k baht. BBL can unfortunately sometimes be little tricky to deal with.

18 hours ago, MeaMaximaCulpa said:

Is it a good idea to register both for retirement extension

Bank accounts are not "registered" for retgirement extensions. When due for annual extansion of stay you just go and get a letter in the bank confirming you are the owner of the account and the actual amount deposited. Furthermore you need a certified statemen t, which can be a problem in BBL if your immigration office insists on a 12-months statement. However, using a 12-months fixed deposit a 3 to 6-months BBL-statement will often be accepted (I've used that method for 15 years).

3 hours ago, brian69 said:

Con is with a FD account you will not get any money if the bank goes tits up, as opposed to the guaranteed 1million if it does with a 'normal' one....

Whoever gave me a thumbs down for my comment, should do some reserch.

3 hours ago, brian69 said:

Con is with a FD account you will not get any money if the bank goes tits up, as opposed to the guaranteed 1million if it does with a 'normal' one....

Whoops sorry I misread the op I thought it was about Foreign money deposit accounts