Fixed Deposit

[micky]

Can I put the 800K into a Fix Deposit account

to apply for a retirement visa or also known

as Extension of Stay - One year.

Because the Fix Deposit gives a much better

intersts than a savings account.

Is this acceptable ?

Or a savings account is the only option ?

Thank you in advance.

[Lite Beer]

Most Immigration Offices will accept that as the funds are available instantly.

[lopburi3]

Normally either savings or fixed deposit is accepted. What is not accepted are non cash type accounts (bonds and such).

[micky]

Thanks Lite Beer, lopburi3.

[lopburi3]

No that is not how the fixed deposit account works. The money is available at any time but there will be a loss of interest (in part or in whole) and the whole amount may have to be withdrawn.

[Kismet]

Assuming I had been granted a one year extension with

the 800K in a savings account.

Then the next day I put the 800K from the savings account

into a fixed account.

Is it OK ? Am I allowed to do so. Will I face any problems?

Please advise.

Thanking you all in advance.

[Lite Beer]

No problem that I know of.

[Pib]

No that is not how the fixed deposit account works. The money is available at any time but there will be a loss of interest (in part or in whole) and the whole amount may have to be withdrawn.

Correct....and "just for example" see the conditions of this Bangkok Bank Fixed Deposit. Look specifcally at the Penalties for early withdrawal.

[Guest]

I've used the fixed deposit method for years and never had any problems, or even comments from immigration officers. As above, you will lose interest if you draw it before the end of the term, but the details vary between banks.

[aurelius]

A couple of weeks ago someone said to me that the Immigration folks at Pattaya weren't happy about fixed accounts. I requested clarification from some senior officials in BKK and they confirmed that Fixed is OK and that the policy applies equally everywhere. The formal translation of the regulation refers to "Deposit Accounts", without specifying Saving or Fixed, therefore both are ok. They advised that if someone somewhere isn't accepting a fixed account, the matter should be raised to someone more senior in that office and raised again to Immigration in BKK if necessary; they also said they would remind their offices to follow the standard policy. Finally, they said to ensure that the passbook is updated, preferably to the date of the application.

[jfchandler]

Where the OP might want to be careful, however, is moving any of those 800K in funds from one account to a different account during any "seasoning" period that may apply in his case, which can be either two months ahead (for the first extension) or three months ahead (for all subsequent extensions), in the case where only deposit funds are used to meet the income requirement.

There was a case reported here recently where a bank officer, supposedly wanting to be helpful, had a TV member move his 800,000 in funds into a different kind of account during the seasoning period ahead of his extension application... Immigration in that case judged that the funds hadn't been in the SAME account for the required period and ruled against his application, according to the poster.

I don't know whether every immigration office/officer would take the same approach. But it would seem wise to avoid exposing one's self to unnecessary complications.

[thailoneus]

No that is not how the fixed deposit account works. The money is available at any time but there will be a loss of interest (in part or in whole) and the whole amount may have to be withdrawn.

Correct....and "just for example" see the conditions of this Bangkok Bank Fixed Deposit. Look specifcally at the Penalties for early withdrawal.

Copy/paste from the BK Bank link..

Please study Bangkok Bank's interest rate notification for the Terms and Conditions of the

5-month Fixed Deposit account. NRBA accounts are not eligible for this offer. This offer is available for Thais and all foreigners (except those holding a non-immigrant L–A visa).

What is an L-A visa???

[phupaman]

Most Immigration Offices will accept that as the funds are available instantly.

Hi Lite Beer

I have a fixed account with Kasikorn Bank ,Khonkaen Imm would not accept my Bankbook It reads clearly

At the top of the bankbook FIXED INCOME FUND. All the officer said "We dont accept bonds' ,

My bank assures me that it is not a bond she will not accept it.This was back in February but i got around it by importing more money from uk Into my normal savings account but I had to buy a 60 day visa for wife visit and then drop down to a Marriage visa, All in All a lot of grief and about 5 visits to Imm.

So could you publish IMM head office address in BKK I want to send copies of my Fixed Account Book and get a ruling in writing to show Khonkaen Imm if they should accept it or not.

phupaman

[Lite Beer]

Immigration Office

Government Center B

No. 120 Mu 3

Chaeng Watthana Soi 7

Thung Song Hong, Laksi

Bangkok 10210

Phone: 0-2141-9889, Fax: 0-2143-8228

Call center: 1178

[lopburi3]

A "fund" is not a cash "account". Fixed deposit cash accounts are called accounts.

[Mario2008]

General Staff Division

507 Soi Suan Plu, Sathorn

Bangkok

The immigration hotline is 1178, for all kind of questions and they have English speaking operators. They can instruct an office on how to do it, if necesarry.

What ever you do, do it with tact.