Retirement Visa Bank Account

[Arjay]

Will be applying in October for Retirement Visa first time. Have 500,000 Baht in a Time Deposit account the other 300,000 Baht in Regular Savings. I heard or read somewhere that all the funds need to be in one Savings account. Is this true? Can the funds be deposited shortly before applying maybe a day or week before applying for visa?

[NotNew2You]

Will be applying in October for Retirement Visa first time. Have 500,000 Baht in a Time Deposit account the other 300,000 Baht in Regular Savings. I heard or read somewhere that all the funds need to be in one Savings account. Is this true? Can the funds be deposited shortly before applying maybe a day or week before applying for visa?

Don't see any reason they need to be in the same account. The only concern with the time account is that the money may not be accessible in an emergency (don't know the specifics of Thai bank time deposits). The purpose of the 800K money in the bank is that the person have accessible funds for living expenses and that they are available in an emergency (maybe like a medical emergency - they don't want you to become a public charge). That might be the only concern immigration might have about having about 2/3rd of the required funds tied-up in a time deposit.

If no one can give a definitive answer, why not just go down to immigration in Jomtien and ask at the imformation counter beforehand?

[Krub]

Will be applying in October for Retirement Visa first time. Have 500,000 Baht in a Time Deposit account the other 300,000 Baht in Regular Savings. I heard or read somewhere that all the funds need to be in one Savings account. Is this true? Can the funds be deposited shortly before applying maybe a day or week before applying for visa?

Don't see any reason they need to be in the same account. The only concern with the time account is that the money may not be accessible in an emergency (don't know the specifics of Thai bank time deposits). The purpose of the 800K money in the bank is that the person have accessible funds for living expenses and that they are available in an emergency (maybe like a medical emergency - they don't want you to become a public charge). That might be the only concern immigration might have about having about 2/3rd of the required funds tied-up in a time deposit.

If no one can give a definitive answer, why not just go down to immigration in Jomtien and ask at the information counter beforehand?

The official rules do not say it must be in the same account. It says it must be 800k baht in a Thai bank and it must be in that acoount for 3 months prior to application.

As to whether time deposit accounts are ok or not we had reports of some immigration offices accepting other refusing.

You need to ask your local immigration office and even then it might still depend on the officer in charge on the day of application.

Good luck and pls report

[lopburi3]

I have not seen any report of a time deposit account not being accepted. Stock/money market type accounts are not normally accepted.

Money must be in account for 3 months prior to application if using only bank accounts.

[Jingthing]

The purpose of the 800K money in the bank is that the person have accessible funds for living expenses ....

Not really. The purpose of the money is to qualify for the visa extension. People on pension qualification usually do not have over 800K in Thailand or maybe not anywhere, and you won't hear any concern from immigration that those people don't have money for living expenses or emergencies.

As far as the OP's question, that will probably be OK unless he is very unlucky with the immigration officers he meets. You won't find a written rule saying you can't do it that way, so it is a matter of the officers interpretation and perhaps mood. I wouldn't worry.

Edited August 30, 2008 by Jingthing

[NotNew2You]

The purpose of the 800K money in the bank is that the person have accessible funds for living expenses ....

Not really.

So what's the reason? I have read that that is the reason why funds that are tied up in timed deposits and not readily accessible may not be acceptable for meeting the 800k in the bank retirement visa test.

Presumably, as our esteemed mod Lop reports, this is also the reason Thai stock/brokerage accounts are not acceptable...because when the person needs the money, the account value may be substantially less due to market losses than they need (same as money not being available-accessible).

I understand your logic in saying that people using the pension standard may not have access to 800k in funds at one time...but you are thinking too logically and this is Thailand

[Jingthing]

Quite the contrary. I don't pretend to try to understand the reasons behind the rules or the enforcement. I am only interested in the rules as they stand and reports about enforcement.

[Lite Beer]

Funds in a fixed deposit account are not tied up as they can be accessed at any time.

The op should have no problem.

[NotNew2You]

Funds in a fixed deposit account are not tied up as they can be accessed at any time.

The op should have no problem.

The op used the term "time" deposit and a savings account. My interpretation of a time deposit is like a US-style CD account. The money is placed in the bank for a fixed period of usually 3, 6, or 12 months, at a set rate of interest. The i-rate is usually a little higher than for normal savings accounts for precisely the reason that the funds are inaccessible during that time. I assume the same would be true if the op was referring to this type of Thai account and that similarly the funds would not be readily available in an emergency.

Savings and checking accounts are the normal accounts people would use but the low interest rates offered on them would tempt some to opt for a time deposit instead.

[Lite Beer]

Funds in a fixed deposit account are not tied up as they can be accessed at any time.

The op should have no problem.

The op used the term "time" deposit and a savings account. My interpretation of a time deposit is like a US-style CD account. The money is placed in the bank for a fixed period of usually 3, 6, or 12 months, at a set rate of interest. The i-rate is usually a little higher than for normal savings accounts for precisely the reason that the funds are inaccessible during that time. I assume the same would be true if the op was referring to this type of Thai account and that similarly the funds would not be readily available in an emergency.

Savings and checking accounts are the normal accounts people would use but the low interest rates offered on them would tempt some to opt for a time deposit instead.

The funds can be taken out at any time with the interest reverting back to the savings account rate of 0.75%. Because you withdraw early.

Edited August 30, 2008 by Lite Beer

[abdulrahman]

Funds in a fixed deposit account are not tied up as they can be accessed at any time.

The op should have no problem.

The op used the term "time" deposit and a savings account. My interpretation of a time deposit is like a US-style CD account. The money is placed in the bank for a fixed period of usually 3, 6, or 12 months, at a set rate of interest. The i-rate is usually a little higher than for normal savings accounts for precisely the reason that the funds are inaccessible during that time. I assume the same would be true if the op was referring to this type of Thai account and that similarly the funds would not be readily available in an emergency.

Savings and checking accounts are the normal accounts people would use but the low interest rates offered on them would tempt some to opt for a time deposit instead.

The funds can be taken out at any time with the interest reverting back to the savings account rate of 0.75%. Because you withdraw early.

True.

But not every Imm. Officer understands this! TiT!

[jfchandler]

I too was wondering about this subject... because.... if you've got to sock away about $25,000 U.S. in a Thai bank account to meet the retirement visa/extension criteria (if you don't do the monthly amount), then it only would make sense to choose a Thai bank time deposit because they at least earn higher interest...

I suppose, one could put the $25K in a Thai account the required 3 months before, and then withdraw and move it back to the U.S. or elsewhere until it was needed 3 months prior to one's next annual extension.

But there are costs and hassles in moving money back and forth between your home country and LOS. So, if you can at least get a decent interest rate, seems to make more sense to just leave the $25K amount here and let it carry over year to year, so you never have to worry about it.

How do other folks here handle their 800,000 baht requirement???

[Jingthing]

Personally, I just view that account as part of the cost of staying legal here. I don't play any games with it. I have it in a regular passbook account that pays a tiny bit of interest, I top it off annually, and I use the funds to live in Thailand. I don't want to hassle with moving the money in and out anymore than necessary but I am sure there is a cost for this laziness. But you never know, trying to be clever, depending on the timing the exchange rate moves could backfire on you.

[jfchandler]

I agree Jing... My thinking also... My only different idea would be... why not use a time/fixed deposit account instead of the regular Thai savings account?

If a person wants to use those funds (make withdrawals) for living expenses during the year, then the regular savings account makes more sense.

But if a person plans to set aside the $25K and not spend from it, then going with the higher interest earning time/fixed deposit account would seem a better choice.

[Artisi]

I agree as well, 800 000 is just part of the costs to stay inThailand - put it in fixed deposit for a slighly better rate and use a seperate account for ay to day living.

[aurelius]

Also, Foreign Currency Accounts are available locally if you want exposure to other currencies (USD, AUD, EUR, etc) but without the moving back and forward aspect.

Immigration Dept told me that Fixed a/cs are ok, but as noted earlier, I guess it may depend on the "mood" factor to some extent.

[lioness]

Some term deposits can be accessed immediately but you forgo the interest.

[jfchandler]

Also, Foreign Currency Accounts are available locally if you want exposure to other currencies (USD, AUD, EUR, etc) but without the moving back and forward aspect.

Immigration Dept told me that Fixed a/cs are ok, but as noted earlier, I guess it may depend on the "mood" factor to some extent.

Did you ever discuss with Immigration whether they'd also accept a foreign currency account for retirement visa purposes, provided it was held with a Thai bank???

[Gonsalviz]

Personally, I just view that account as part of the cost of staying legal here. I don't play any games with it. I have it in a regular passbook account that pays a tiny bit of interest, I top it off annually, and I use the funds to live in Thailand. I don't want to hassle with moving the money in and out anymore than necessary but I am sure there is a cost for this laziness. But you never know, trying to be clever, depending on the timing the exchange rate moves could backfire on you.

My thought is that I would live off my account in the States through an ATM while exchange rates are favorable and the local account when they were not. No real way to know which way they will go, but that 's the name of the game. At the time of putting money into the local account I got a good rate.

[ubonjoe]

Also, Foreign Currency Accounts are available locally if you want exposure to other currencies (USD, AUD, EUR, etc) but without the moving back and forward aspect.

Immigration Dept told me that Fixed a/cs are ok, but as noted earlier, I guess it may depend on the "mood" factor to some extent.

It might not always be about "mood" it could well be knowledge.

I would say that the average Thai might not know what a fixed term account (CD) is. This could easily apply to an immigration officer.

If you are turned down politely try to explain what it is and if that doesn't work ask that they consult another officer or their supervisor.

Edited October 10, 2008 by ubonjoe