Fixed Term Bank Account And Retirement Extension

[GreenSnapper]

In the business forum there was recently some discussion on Thai banks and fixed term accounts.

These accounts are in Thai Baht and fixed for certain periods, like 6 months, 12 months or so. Interest rates on these accounts are much better than the normal saving accounts, around 1.5 - 2.5% p.a.

As far I know, these accounts are acceptable for immigration (retirement extensions) as long they have the 800K Baht seasoned for 3 months.

But before I start opening one of those account, I want to ask if there have been problems in the past. My immigration is BKK/Chaeng Wattana, or possibly Jomtien in the future.

Note: I only talk about fixed term accounts in Thai Baht. No foreign currency, no funds.

Thanks for your hints!

[Vatman]

The only problem I would envisage would be that the funds have to be available if needed.

Now, rather than some months down the track.

What you need is a fixed term deposit where the funds are available at any time with only the loss of interest as the penalty.

I use such an account & have had no problems with my retirement extensions.

I believe all Thai banks offer this.

[phupaman]

Greensnapper.

Check with your immigration office first,

I had 1.4 million baht sitting in a Thai account just for the purpose of renewing my retire ment visa, Iwent to my Bank a couple of weeks before my renewal to order a letter that my money had been in the bank for 4 years , the teller in the bank said why dont you fix this money you can get 2% no tax ok say's I ,I am not moving any money from the Bank just a case of changing account number, Immigration in Khonkaen would not renew my extension on the 3month rule although she knew the money was in the Bank a long time , So now I am on a 60 day visit my wife visa and at the end of 60 days I will qualify for a marriage visa because i have more than 400.000bt in my normal every day account

be very careful different office sometimes different outcome.

phupaman

[Robby nz]

A few years back I had the total of over 800kb in two bank accounts one an on call interest bearing acc.

Was refused an extention in Hua Hin and told the money had to be in one account.

It seems that a call account takes one day to access, apply one day get the money the next.

This was not acceptable to them.

Go for extentions well in advance, not on the last day, then if there is a problem you still have time to sort it.

[Jingthing]

Was that Hua Hin application rejected because there were TWO accounts used, or because one account wasn't instantly available? It's not clear to me from your post what the exact reason for rejection was.

[Robby nz]

Was that Hua Hin application rejected because there were TWO accounts used, or because one account wasn't instantly available? It's not clear to me from your post what the exact reason for rejection was.

It was rejected because it had to be in only one account.

However I suspect that the day wait could also be a problem.

If I had applied on the last day I would have been in trouble.

Hence the last sentence.

[Jingthing]

Interesting. There have been other reports here that money in two accounts is OK as long as the seasoning is done (which might take a little more "thinking" to verify). I don't think this is a national policy but of course details like this can vary, office to office.

[DTiger]

... Check with your immigration office first,...

Even doing that would probably be not enough as you will have to deal with someone else on the extension day.

I have done that twice already, and both times I had the same trouble They just wanted a same day atm slip with the famous 100 bahts debit. (Chang Wattana)

I am glad that I added both times a few days before the same 100 bahts. I could make these debits without touching the "locked" amount.

Sorry Did that for Thai spouse extension, not retirement... But it should not be different!

[gmac]

I think your comment "possibly Jomtien in the future" shows your best option. I have found the Jomtien Office to be extremely good since it was opened a few years back and as long as you have a genuine case i.e. the money is in accounts in your name and your accounts show regular activity rather than a big deposit on deadline day, you shouldn't have any problems. I have had monies split between savings accounts and 3 month term deposits in the past and received extensions without question.

[lopburi3]

There is no requirement for account activity. Although this was a factor in the past have not seen any recent reports of it being checked or questioned. The current requirement is a bank balance for a set amount of time (which was not the case in the past).

[gamini]

what about taking out a three month fixed deposit, three months before you renew your extension?

The only problem I would envisage would be that the funds have to be available if needed.

Now, rather than some months down the track.

What you need is a fixed term deposit where the funds are available at any time with only the loss of interest as the penalty.

I use such an account & have had no problems with my retirement extensions.

I believe all Thai banks offer this.

[Mario2008]

The rules say:

(4) Account deposit with a bank in Thailand of not less than 800,000 Baht as shown in the bank account for the past 3 months at the filing date of the application. For the first year, the applicant should have that amount in his bank account for not less than 60 days