Retirement Visa 800,000 Thb

[scubachild]

To get a Retirement Visa I know I need to bring 800,000 THB into the county and show the money in Thai baht. Are their restrictions as to what bank the money is kept with? For example HSBC THailand would be very convienient for me

Thanks for any advice

[MickeyM]

HSBC Works fine for me - they will issue the required verification letter.

[Mario2008]

It has to be a bankaccount in Thailand. It doesn't have to be a Thai bank.

[ljerams]

HSBC are not good on interest rates. In my opinion, it's better to use a Bank that also has a Branch at the Immigration which includes most Thai Banks.

[NALAK]

according to my personal account manager yes it does, but dont think he knows where Thailand is, but he did enquire as premier customer and does count.

[scubachild]

Thank you all for your help.

I am not aware of any Thai banks that give good interest rates. Anyone got any suggestions there?

For HSBC Premier customers the benefit of using HSBC is that it is free to move money between HSBC accounts in different countries and open accounts in different countries. Therefore there would be the possibility of moving the money around to earn better interested elsewhere for 9 months of the year

[samtam]

Agree - not much difference in interest payable for the 3 month duration, on THB800k, and as an existing HSBC Premier customer, it's very easy to move money in and out and HSBC are familiar with all that is required for extension of stay. During my last Ex of Stay I used a 3 month fixed deposit, (as I have done three times previously), but this seemed to confound the Immigration staff, so in future I will use a savings account, which they seem to understand.

[curtklay]

Agree - not much difference in interest payable for the 3 month duration, on THB800k, and as an existing HSBC Premier customer, it's very easy to move money in and out and HSBC are familiar with all that is required for extension of stay. During my last Ex of Stay I used a 3 month fixed deposit, (as I have done three times previously), but this seemed to confound the Immigration staff, so in future I will use a savings account, which they seem to understand.

I agree, a regular savings account in your name only, will give you no problems at immigration. Get the letter and update the passbook within a day or 2 of going to immigration. I get mine the day before. Don't worry about interest rates...they all suck.

[merijn]

HSBC Works fine for me - they will issue the required verification letter.

Better check this with your local immigration office.

Phuket Immigration does not (always )accept HSBC accounts as this is not a Thai bank.

And acording to them the money has to be in a Thai bank account.

Maybe other immigration offices accept HSBC, i don't know this.

[george]

HSBC is a Thai bank, is the very first bank registered in Thailand, and Immigration accept their accounts and guarantee letters

[merijn]

HSBC is a Thai bank, is the very first bank registered in Thailand, and Immigration accept their accounts and guarantee letters

Maybe so, but it is not excepted in Phuket.

[scubachild]

Thank you all again for your input. Like so many things in Thailand what should be a simpe clear cut matter seems more to depend on the mood of individual immigration offices.

Those of you who said HSBC was no problem - can I ask what immigration office you are using?

[samtam]

HSBC is acceptable to Bangkok Immigration.

[merijn]

HSBC is acceptable to Bangkok Immigration.

Can i ask how long ago did you do this.

Until last year it was also accepted in Phuket but not any more.

[brian1783]

been to udon thani immigration today it seems that the staff here do not like HSBC are telling my girlfriend that I must have bank pass book not paper statements which HSBC do not have. As a HSBC customer of over 40 years and the fact I do not trust thailand banks I have decided that if i cannot find a immigration office that accepts HSBC I will find another part of asia to live. like other people I checked that HSBC in Bangkok was ok with the immagration service, and was informed it was.

time someone at the top sorted out this problem but i wont hold my breath.

[JRinger]

been to udon thani immigration today it seems that the staff here do not like HSBC are telling my girlfriend that I must have bank pass book not paper statements which HSBC do not have. As a HSBC customer of over 40 years and the fact I do not trust thailand banks I have decided that if i cannot find a immigration office that accepts HSBC I will find another part of asia to live. like other people I checked that HSBC in Bangkok was ok with the immagration service, and was informed it was.

time someone at the top sorted out this problem but i wont hold my breath.

You obviously haven't spent much time here. It's common knowledge that every Gov't office throughout the country pretty much dictates and/or interprets the law/regulations as they see fit.

Immigration has always required: Bank passbook (original), copies of passbook, bank letter verifying and corresponding with the passbook. In addition, I've used Thai Banks for over 20 years and I can tell you that they also make or add their own rules although I've yet to have any (major) problems. Can't say the same about U.S. Banks.

Edited July 8, 2011 by JRinger

[lopburi3]

Actually immigration often do accept non passbook accounts from many reports here. But it may take an appeal to officer in charge as many are not used to such account documentation and first response is no.

[JRinger]

Actually immigration often do accept non passbook accounts from many reports here. But it may take an appeal to officer in charge as many are not used to such account documentation and first response is no.

You know this from personal experience? or link?

[lopburi3]

"...from many reports here."

But I am not going to re-read eight years of forum to link them.

[JRinger]

"...from many reports here."

But I am not going to re-read eight years of forum to link them.

ok. understood. In other words, take your word for it?

[ljerams]

I have had a HSBC Joint Account for about 8 years and it has always been accepted.

[merijn]

I have had a HSBC Joint Account for about 8 years and it has always been accepted.

Two problems in one sentence.

As mentioned before the HSBC may or may not be accepted any more.

And joint accounts are also not accepted any more.

Or when they accept an joint account they will only use 50% of the account balance for your application.

Basically things are changed and it is up to the officer, What’s new TIT

[ljerams]

I have had a HSBC Joint Account for about 8 years and it has always been accepted.

Two problems in one sentence.

As mentioned before the HSBC may or may not be accepted any more.

And joint accounts are also not accepted any more.

Or when they accept an joint account they will only use 50% of the account balance for your application.

Basically things are changed and it is up to the officer, What’s new TIT

I have stated two simple true facts. There was never ever a problem at Bangkok and they never ever used 50% of the bank balance for the application!

Of course I can easily guess why some Officers are being difficult. With HSBC they are unable to check any movement of money between the last statement and the day of application in spite of having an up to date Bank letter.

[aurelius]

been to udon thani immigration today it seems that the staff here do not like HSBC are telling my girlfriend that I must have bank pass book not paper statements which HSBC do not have. As a HSBC customer of over 40 years and the fact I do not trust thailand banks I have decided that if i cannot find a immigration office that accepts HSBC I will find another part of asia to live. like other people I checked that HSBC in Bangkok was ok with the immagration service, and was informed it was.

time someone at the top sorted out this problem but i wont hold my breath.

What's not to trust? Banks in Thailand will go from having an unlimited deposit guarantee to a 50MB limit in August this year. You are much more likely to have a problem with HSBC as Immigration is less familiar with their documentation - is it in English?.

An Immigration official also confirmed to me last week that an updated record is required (typically this would be the passbook updated on the day of the application).

[samtam]

HSBC is acceptable to Bangkok Immigration.

Can i ask how long ago did you do this.

Until last year it was also accepted in Phuket but not any more.

4 years. Most recently in May 2011.

[mikehux]

I went to renew my retirment visa today at Udon with my HSBC letter and 4 months of certified statments. The head man reluctantly excepted them. He made a phone call to someone and then told me HSBC was not a Thai. bank and next year he would not except HSBC. I was told to open a new account in one of the local Thai. banks. I told them for the last year Udon excepted the HSBC with no problem, and that for the previouse 6 years no problem around Thailand. He said 2 years ago they changed the law. What can I do? HSBC is my bank. Can I go to Bangkok next year to do my visa even though I live in Udon?

[Lite Beer]

Can I go to Bangkok next year to do my visa even though I live in Udon?

No you have to apply in Udon

[lopburi3]

But you can contact Bangkok and let them know what you have been told and ask them why. They can over rule if they believe it is wrong. Two years ago they changed the regulations to require 3 months in account - it says nothing about not allowing HSBC in police order 777/2551.

But if I lived upcountry I would prefer to have my money in a local office bank in that province and have free access to ATM Pool machines.

[tomallison]

been to udon thani immigration today it seems that the staff here do not like HSBC are telling my girlfriend that I must have bank pass book not paper statements which HSBC do not have. As a HSBC customer of over 40 years and the fact I do not trust thailand banks I have decided that if i cannot find a immigration office that accepts HSBC I will find another part of asia to live. like other people I checked that HSBC in Bangkok was ok with the immagration service, and was informed it was.

time someone at the top sorted out this problem but i wont hold my breath.

Time to move on from Thailand if you do not trust their bamks. You trust the banks in which other parts of Asia? Hong Kong, Singapore?

[UphillStruggle]

What's not to trust? Banks in Thailand will go from having an unlimited deposit guarantee to a 50MB limit in August this year.

Then the 50mB changes to just 1mB in August 2012.

The Deposit Protection Agency (DPA), which since 2008 has offered an unlimited guarantee on deposits, will limit protection at 50 million baht per depositor per financial institution from Aug 11. One year later, limits will fall to no more than 1 million baht.

According to the Bank of Thailand, of the 78.3 million deposit accounts in the system as of February, only 9,566 had balances exceeding 50 million baht. Almost all are large corporate accounts that will likely move to diversify their risk by splitting funds across different banks or diversifying to low-risk money market instruments.

"So, we don't think that there will be a significant transfer among banks or outflow to alternative investments come August," Ms Sirinatha said.

Even next year, when the deposit insurance limit falls to 1 million baht, the impact would affect 965,582 accounts nationwide, although these accounts collectively hold more than 70% of total deposits within the system.

"In 2012, we expect to see a greater shift in funds to other investment classes," Ms Sirinatha said.

http://www.bdo-thaitax.com/bdo/in-the-news/3093

Money moving to real estate because it will no longer be safe in the banks?