12 month statements can be issued on the spot from the HQ branch on Silom Road. The DPA only guarantees deposits up to 1 million baht per depositor, per financial institution in the event of a banks liquidation. (highly unlikely). Funds exceeding this limit are subject to the bank's liquidation process, where depositors become creditors seeking recovery of their remaining assets. Depending how much you intend to keep in Thailand in a combination of a Savings and FTD account, it could be worthwhile splitting the amounts into two seperate account with two separate banks. The hype with Bangkok bank is their new policy of freezing the account for 4 months when requesting the bank account balance letter for Immigration, if funds of 400/800K haven't been in the account for the previous 4 months prior to requesting the letter, they will not issue the letter unless you grant authorisation and agree to freeze said amount for 4 months afterwards. As it's an Immigration requirement when using the 800K funds for a retirement extension to keep 800K in the account for 3 months after the extension is granted, so it has the minimal effect in your circumstances. The following year, funds held in a dedicated account, the letter will be issued on request, the funds having already been in the account for the previous 4 months. It would certainly in my opinion be easier to open an additional account at the branch where you currently have an account. I keep the funds necessary for Immigration in my Bangkok bank FTD account, and transfer funds as and when required to my Bangkok Bank Savings account for day to day living expenses. The total of the two accounts rarely exceeds 1.2 million. That's not to say from a personal preference point of view, it wouldn't be an advantage to have a separate account with a different bank. If that is your preference then try to open the FTD account at Kasikorn or any other local bank branch that's easily accessible to your place of residence.
Create an account or sign in to comment