Retirement Extension: Type Of Bank Account To Show Required Funds.

[tomallison]

A friend of mine tells me that he visited the Pattaya Immigration Office last week for his annual extension. He had his required funds in an investment account (the same as for previous years). The officer dealing with him would not accept this, and said that he must show the funds in a savings account. My friend replied that he had used this type of account for previous years. The officer responded by saying "new rules". Is this now the situation?

Thanks for any replies.

[Mario2008]

It depends on the officer and the account. Normally the money must be directly availeble in case you need to cover some expenses. That is clearly the case with a savings account, but not with an account in which you have to keep the money in there for a fixed period.

[lopburi3]

What kind of investment account? The requirement has always been a savings account and a fixed deposit account where you can immediately withdraw cash is normally accepted. Accounts based on bonds/stocks and such are not.

[Jingthing]

Yes, thanks for the report. It just goes to show people once again when you try anything at all non-standard, even if it has worked in the past, it is never a guarantee it will work in the future.

[tomallison]

What kind of investment account? The requirement has always been a savings account and a fixed deposit account where you can immediately withdraw cash is normally accepted. Accounts based on bonds/stocks and such are not.

It was an account with his local SCB paying a higher rate of interest than the savings account. I believe the funds are available as he transfered the required amount to his savings account to get the extension. He will now transfer the funds back to the higher interest account.

[lopburi3]

SCB offers accounts other than cash which are fund type based and that will not be allowed (they often have 'fund' in there name). Normally the fixed deposit cash accounts which are only subject to loss of interest are accepted - but accounts which are investment types are not.

That said the only sure account type at all locations is the normal passbook or statement savings account.