Bank Accounts That Are Acceptable To Immigration

[Guderian]

In 6 or 7 weeks I will have to put away 800K Baht in an account for my next retirement extension. Last year I just used my SCB savings account, which pays (I think) 0.75% interest. I asked if my SFF fund was acceptable at Jomtien Immigration and they said no. So I lost about 6,000 Baht in interest.

I asked at SCB this week what other accounts they had that I could use, and they suggested this one:

Sorry that it's in Thai, but I think the idea is clear enough. You put your money in the account for 3 months and you get 2.75%, 6 months and you get 3%, and so on up to 4% if you keep the money there for 15 months or more. Does anyone know if this account would be acceptable to Thai Immigration?

The offer on this account closes at the end of July, so I need to decide quickly. I would then have to keep the money there for 6 months at least, as the next extension becomes due on 1st January 2009. For 3% interest, I don't mind that at all.

Grateful for any advice or experiences.

Edited July 24, 2008 by Guderian

[lopburi3]

Normally any deposit type account (where principle is guaranteed) is acceptable. Stock type accounts are not.

[Guderian]

Normally any deposit type account (where principle is guaranteed) is acceptable. Stock type accounts are not.

Thanks for the reply, lopburi. I had assumed that it was immediate access to the money that was the issue, rather than guaranteed capital. Sounds promising. A visit to Soi 5 may be in order to check this out.

[K2K]

I would not worry too much about on missing out on the 4% (for 15m) time deposit at SCB ... ineterst rates are heading higher in an attempt to cool the (official) 8.9% headline inflation .... so at 4% your money is still depreciating in REAL terms by 5%.

[Guderian]

I would not worry too much about on missing out on the 4% (for 15m) time deposit at SCB ... ineterst rates are heading higher in an attempt to cool the (official) 8.9% headline inflation .... so at 4% your money is still depreciating in REAL terms by 5%.

That's very true, but it seems that, unless I want to be Jingthing's guinea pig in not having the 800K in the bank for 3 months before applying (and I don't!), then I have to have the money sitting here and depreciating one way or another. Might as well get as much as I can for it in the meantime.