Retirement Visa 800,000. Baht Option

[oldmaverick]

I've been receiving my retirement visa for the past 8 years by keeping 800,000. Baht in my Bangkok Bank savings account. My question is can I remove some of these funds and re-deposit them 3 months before I apply for my new retirement visa in December 09? My second question is if I remove 400,000. baht and invest it locally, when I redeposit the 400,000. bringing the account back to 800,000.Baht will the funds have to be sent from abroad or could I redeposit the 400,000. baht locally?

Thanks for any assistance

[InterestedObserver]

1. Yes
   
2. You can redeposit the original 400,000 THB locally 90 days prior to your next retirement extension.
   
3. Are you saying that the 800,000 THB has been on deposit for 8 years? Do you even have proof of foreign transfer of the funds?
   

[oldmaverick]

1. Yes
   
2. You can redeposit the original 400,000 THB locally 90 days prior to your next retirement extension.
   
3. Are you saying that the 800,000 THB has been on deposit for 8 years? Do you even have proof of foreign transfer of the funds?
   

Yes, I have had the 800,000. in the bank for 8 years - just removing the interest once a year.

No, I can't find the proof of foreign transfer of the funds. Fortunately, I have never been asked to show proof.

[Jingthing]

I don't think there is anyone here who can assure you it is definitely OK for you to redeposit the funds locally. You may hear from people who have done that without question, but it is always going to be up to the discretion of the officer you encounter as they always the right to ask for more information/documentation. I think the funds are supposed to be transferred in from abroad.

Edited January 13, 2009 by Jingthing

[ignis]

I've been receiving my retirement visa for the past 8 years by keeping 800,000. Baht in my Bangkok Bank savings account.

Why would you keep this sort of money in a SAVINGS Account ??

You have a much better interest rate on a FIXED Term Deposit, + for the past 5 retirement extensions I have never had any problems with the Fixed term, on my present term I get 3.25%, A few months ago Bangkok Bank were offering 5% on Fixed Term,. but as my present term does not run out till Jan 2010 the loss of 6 months interest in canceling the present term to put it in the 5% was not worth while.

Interest rates have come down since and again yesterday.. Bangkok Bank are offering 2.50% on fixed term for 24 months, check there web site 'rates' http://www.bangkokbank.com/Bangkok+Bank/Pe...ing/default.htm

[greenwater]

Can I use 2 thai bank account (one in baht and one in euros) to reach 800.000 baht required for retirement visa?

thanks for any help.

Edited April 5, 2010 by greenwater

[lopburi3]

If cash accounts in a bank located in Thailand it would normally be accepted for one year retirement extension of stay.

[RPCVguy]

Along this same line of having my fixed deposit account with Bangkok Bank, what experience is out there among ex-pats as to the stability of this institution in the face of the Red Shirts calling for a run on the bank? What would be the immigration authority response if things really went bad? I'm within 90 days of renewing my retirement visa now, so feel exceptionally at risk. ThaiVisa collective community experience from past cycles of financial/ political turmoil would be very welcomed.

[InterestedObserver]

Bank deposits are insured. I doubt that the Red Shirts pose a serious risk to the asset base of Bangkok Bank. The immediate problem would be an inability to get the account balance letter for immigration and/or update of bankbook should a forced banking holiday occur.

Edited April 19, 2010 by InterestedObserver

[RPCVguy]

Bank deposits are insured. I doubt that the Red Shirts pose a serious risk to the asset base of Bangkok Bank. The immediate problem would be an inability to get the account balance letter for immigration and/or update of bankbook should a forced banking holiday occur.

This is excellent news that I was unaware of for Thailand. I am familiar with the USA's FDIC, but not that Thailand had an equivalent. What is it called? Where can I review the policies as to limitations of insurance? I see others are monitoring this as guests, so am sure the answers will serve the larger community too. Thanks!

[thaiphoon]

It's called the Deposit Protection Agency Act, 2551. An unofficial english translation from the Bank of Thailand can be found here. Limited to 1 million baht per person per bank.

[mussen]

If the **** really hit the fan, and the banks went under, you would lose your money. Red shirts wouldn't cause that though, it would take considerably more.

You'd be very hard pressed, especially as a foreigner, to be insured for your bank balance.

T.I.T

[InterestedObserver]

It's called the Deposit Protection Agency Act, 2551. An unofficial english translation from the Bank of Thailand can be found here. Limited to 1 million baht per person per bank.

One million baht per person per bank after the Act being in force 4 years. Fifty million baht this year, I believe.