New Home For My 800k Baht Deposit?

[Miami Bob]

In July of 2007 the immigration office in Phuket refused to accept the money in my Siam Commercial SFF account that pays higher interest than a regular Thai savings account. They made me transfer the B800,000 from the SFF account into my regular saving account before they would renew my retirement visa. Who knows what thier logic is for that! The next day after I got the visa I just transfered it back to the SFF account. Now the question I need to answer for next year is do I need to leave the money in the SFF for the whole three months or will they again let me switch accounts the day before. The endless problem with immigration is that the rules change from office to office, officer to officer and year to year!

[lopburi3]

That is not a cash account from my reading. Only cash accounts are normally accepted for extensions of stay as far as I know.

[egg6447]

Immigration wants to see evidence that your existence here is fueled by legitimate means (as opposed to dealing dope, working illegally, etc.). Many of the officers have taken the hard line that this means no fixed accounts. But, if you applied for further extension of stay on a retirement visa, and you had 400k in a fixed account and 400k in a savings account that showed reasonable withdrawals, most of them would be satisfied. At worst case, if they remain stubborn about it, you could go to the bank and move the cash out (forfeitting the interest) and be back at Immigration the same day.

What are you folks talking about? Withdrawals? You don't need no steenking withdrawals.

For the first ten years or so that I was here I lived almost exclusively on withdrawals from my American bank account via ATM. I kept the requisite amount in a Thai bank account simply because I figured it was easier to prove the existance of an account than to prove my income. Whether that strategy made sense or not, the point is that Immigration could not use my Thai bank account to tell what my daily living expenses were or even if I had any at all.

I would be surprised to learn that I was the only one that paid a significant part of daily living expenses through foreign accounts. More importantly, I have never heard or read anywhere that there must be evidence of some minimum value of active transactions in a Thai bank account to be eligible for anything. Am I missing something, or is the rule simply that you must have a total value of savings in Thai bank accounts of at least 800,000 baht for the previous 90 days before applying for an extension? Is there some hidden rule that says in addition to this total, you must prove that you paid for at least 46 sam toms and five bags of sticky rice or something?

As I understand it, the 800k does not have to be in any single account, nor even in a single bank. It doesn't matter if it is in a fixed account, savings account, checking account, certificate of deposit, or whatever. My understanding is that you must only show documentation that at least 800k has been stached in Thai banks anywhere in the Kingdom.

Or am I missing something? Does anyone here have first or even second hand knowledge of an exception to what I have just stated?

agreed 100%. i do exactly that for some years. exactly..

[Yorkie]

Come, come ... we are talking about 8,500 Baht a year after the tax !

Naka.

Thats 255 big bottles of Chang.

Spot on - my conclusions exactly. Although in the case of Archa, it's 340 bottles!

I transferred money to a "fixed deposit account" (Kasikorn) last year on the advice of the manager. He said that there would be no problem with Immigration as the bank would provide the necessary letter(s). I have kept a "working account" at Kasilorn also. My extension comes up for renewal in June so I've yet to test the water.

Y

[rgs2001uk]

Kasikorn bank just invited me to put the bulk of me account into an ongoing national promotion.

Untouched deposit runs at 2.75 interest for 4 months. ( 800k in my case )

Tempted to let it be transfered into a new account while leaving the rest as it is to show my living ex,s. / movement.

I mentioned the visa situation and was told they would give me a letter to show immigration with the relevant details.

All i have to do is say yes and they do the rest.

While not a lot of interest ( a good meal for two for naka. )

You rich guys sure throw your money about, it,s 2 weeks worth of eating to us less well off peasants

marshbags

i would be interested to know if this an annual rate ( in which case it would equal 8.25%), or if its a sales gimmick of actually giving you 2.75% divided by 3 ( equal to 0.92 % for 4 months).

i personally find it hard to believe after 4 months you will have 822,000 baht in your account, however if true i would like some of that as well.

will pop into kasikorn bank next time i am in town to check on this.

[Maestro]

It is an annual interest rate.

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Maestro

[teacher]

What are you folks talking about? Withdrawals? You don't need no steenking withdrawals.

As I understand it, the 800k does not have to be in any single account, nor even in a single bank. It doesn't matter if it is in a fixed account, savings account, checking account, certificate of deposit, or whatever. My understanding is that you must only show documentation that at least 800k has been stached in Thai banks anywhere in the Kingdom.

Or am I missing something? Does anyone here have first or even second hand knowledge of an exception to what I have just stated?

You are correct and, i do have first hand knoledge of this. I have done it for the last two times and coming up to my third time. I read some artical simular saying they do not accept High deposit accounts. So i went to the immo at Jomtien (Pattaya) with my book and asked them.

They clearley said "no problem it's been in for over three months".

I am with Bangkok Bank the first year i got 4.2% and infact had an argument with then because when they come to pay me they took 15% TAX.

This year i negotiated a deal with them at 3.2% fixed for a year. I was in the bank the last Friday and saw a notice saying "invest for three years at 3%" so it looks like i will be pulling out of this one with them.

I will go to the Siam Bank who do a simular managed fund that you can put your money in and withdraw whenever you want but giving them 24/48 hours notice. Its worked on a daily interest base rate.

The other thing i will say is when you get confirmation of a pension letter from the Embassy it only states you have an income of xxxx amount and you get the retirment visa. The letter will NOT state you have an income and you withdraw each year it only confirms your income and that is all they are looking at.

[carlosacao]

Does anybody know if it is o.k. to have the 800K in a foreign currency fixed account such as dollars or euros (in a Thai bank off course)?

Thanks

Carlosa

[lopburi3]

It will depend on the officer/office involved. There have been reports of people doing so.

[bucklt]

As lopburi3 states, the funds are only required to be in your account for three months prior to applying for your extension of stay. Last year I placed funds in a three month deposit and applied with a letter from the bank and the time deposit receipt at the maturity of the deposit. It was accepted at Suan Plu Immigration. Thereafter I remitted the funds outside of Thailand. I am planning on doing the same again this year, as it appeared then, and would still appear to be acceptable to them.

I have my 800,000 in a fixed deposit a/c, which is produced at each annual renewal, and use the current a/c for income and living expenses, but I have never been asked to produce this as evidence for anything.

Finally got around to seeing my bank manager today - to sort out a better interest rate for my 800k.

Got 2.373% fixed deposit (Bangkok Bank) - which gives me 19,000 baht gross interest - and 16,150 baht after tax.

Can add further sums to this amount i.e 800k - but they must be for a minimum of 2000 baht each time.

Interest also paid in very 3 months.

Not bad - considering that c16,000 baht will easily cover all my living expenses in Thailand for c2 months or so.

They - along with other banks also run schemes which will give you a higher interest rate for the first 3 months - but after that period - the interest rate changes to whatever is decided by The Bank Of Thailand. Ideal scenario for someone who likes to 'play' the market.

Query: anyone care to predict which way interest rates will go in next 12 months - and why???

In addition: as I opened a new account (deposit) they gave me a free pressie

Also, whilst there, signed some extra paperwork and in c2 weeks, can access both my current and deposit accounts via the Internet.

Overall - not a bad outcome for 1 hours visit to the bank.

p.s bring your passport as they will need copies of visa etc.

Trust the above may be of help to some of you.

Tony

[Krub]

As lopburi3 states, the funds are only required to be in your account for three months prior to applying for your extension of stay. Last year I placed funds in a three month deposit and applied with a letter from the bank and the time deposit receipt at the maturity of the deposit. It was accepted at Suan Plu Immigration. Thereafter I remitted the funds outside of Thailand. I am planning on doing the same again this year, as it appeared then, and would still appear to be acceptable to them.

I have my 800,000 in a fixed deposit a/c, which is produced at each annual renewal, and use the current a/c for income and living expenses, but I have never been asked to produce this as evidence for anything.

Finally got around to seeing my bank manager today - to sort out a better interest rate for my 800k.

Got 2.373% fixed deposit (Bangkok Bank) - which gives me 19,000 baht gross interest - and 16,150 baht after tax.

Can add further sums to this amount i.e 800k - but they must be for a minimum of 2000 baht each time.

Interest also paid in very 3 months.

Not bad - considering that c16,000 baht will easily cover all my living expenses in Thailand for c2 months or so.

They - along with other banks also run schemes which will give you a higher interest rate for the first 3 months - but after that period - the interest rate changes to whatever is decided by The Bank Of Thailand. Ideal scenario for someone who likes to 'play' the market.

Query: anyone care to predict which way interest rates will go in next 12 months - and why???

In addition: as I opened a new account (deposit) they gave me a free pressie

Also, whilst there, signed some extra paperwork and in c2 weeks, can access both my current and deposit accounts via the Internet.

Overall - not a bad outcome for 1 hours visit to the bank.

p.s bring your passport as they will need copies of visa etc.

Trust the above may be of help to some of you.

Tony

Thanks for the info.

Do you have a work permit as from previous reports Bangkok Bang does not give internet access without one.

Which Branch of Bangkok Bank was that ?

Now all you need is for immigration to agree to consider your interrest bearing account as valid for extension of stay.

[bucklt]

As lopburi3 states, the funds are only required to be in your account for three months prior to applying for your extension of stay. Last year I placed funds in a three month deposit and applied with a letter from the bank and the time deposit receipt at the maturity of the deposit. It was accepted at Suan Plu Immigration. Thereafter I remitted the funds outside of Thailand. I am planning on doing the same again this year, as it appeared then, and would still appear to be acceptable to them.

I have my 800,000 in a fixed deposit a/c, which is produced at each annual renewal, and use the current a/c for income and living expenses, but I have never been asked to produce this as evidence for anything.

Finally got around to seeing my bank manager today - to sort out a better interest rate for my 800k.

Got 2.373% fixed deposit (Bangkok Bank) - which gives me 19,000 baht gross interest - and 16,150 baht after tax.

Can add further sums to this amount i.e 800k - but they must be for a minimum of 2000 baht each time.

Interest also paid in very 3 months.

Not bad - considering that c16,000 baht will easily cover all my living expenses in Thailand for c2 months or so.

They - along with other banks also run schemes which will give you a higher interest rate for the first 3 months - but after that period - the interest rate changes to whatever is decided by The Bank Of Thailand. Ideal scenario for someone who likes to 'play' the market.

Query: anyone care to predict which way interest rates will go in next 12 months - and why???

In addition: as I opened a new account (deposit) they gave me a free pressie

Also, whilst there, signed some extra paperwork and in c2 weeks, can access both my current and deposit accounts via the Internet.

Overall - not a bad outcome for 1 hours visit to the bank.

p.s bring your passport as they will need copies of visa etc.

Trust the above may be of help to some of you.

Tony

Thanks for the info.

Do you have a work permit as from previous reports Bangkok Bang does not give internet access without one.

Which Branch of Bangkok Bank was that ?

Now all you need is for immigration to agree to consider your interrest bearing account as valid for extension of stay.

Thank you (answers in sequence to your questions).

No work permit - but do recall being told about 15 months ago - when I initially opened my account - that I would have to wait 12+ months before getting Internet access.

note: don't know - yet - just how 'flexible' this Internet access will be i.e will it be in English? can I transfer un-limited amounts? etc etc. I suspect there will be 'restrictions' involved somewhere.

Main branch at Kad Suan Kaew Shopping Centre (next to Orchid Hotel).

Given comments from previous posters, I don't think this will be a problem, but to cover myself, will renew visa about 4 to 6 weeks before expiry - which should give me room for adjustments.

Tony

[ignis]

Suan Plu Immigration did not accept my 4million baht in a Thai bank cheque account in 2003 [opened 10yr before this date]

They told me to open/transfeer to a Fixed rate account.

This I did and so the 800,000 I transfered has been in a fixed rate acoount ever since... All I have had to do last year was ask the Bank to issue me with monthly statements = can show the money has not moved + has been there over 3 months + of course the letter comfirming I do have this account.

I have never been ask to show anything other than this Fixed rate 800,000 baht each year, I have taken copies of other accounts and 2 different Bank passbooks + 2 different Thai Bank Visa card copies, but have never been asked to show them.

[lopburi3]

Normally passbook savings accounts or fixed deposit accounts are accepted for retirement extensions. Investment accounts are not "cash" and are not as secure so are not usually accepted.

[Maestro]

Off-topic posts about interest earned in another country by one member have been removed.

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Maestro