Fixed Term Bank Accounts

[fcgprg]

I have read both that a fixed term deposit account is allowed and also that some posters say they are not .This would be for renewal of extension of stay based on retirement .Are the Does anyone know which statement its true .Or once again is it a grey area.

[Lite Beer]

Most Immigration offices will accept them as the cash is available.

[fcgprg]

Most Immigration offices will accept them as the cash is available.

Thanks for that.

[moe666]

Where are you located. There was a big thread a while back about Samui not excepting a fixed account.

[garrfeild]

I have a fixed term interest account over 3 years, which I opened over a year ago, I had no problem renewing my "O" Non Immigration Visa. I think the rule is as long as the money is in a Thai bank account it doesn't matter if you are able to get instant access.

If you do have problems ask to see in writing where it say's the money has to be readilly available!

[IMA_FARANG]

The thing you need to understand is that each immigration office has it's own "method" of interpreting the "rules". In fact. there is no fixed agreement among all of them.

So it may be very possible that a Fixed Term Deposit accout...where the funds are available for withdrawal upon notice to the bank...may be acceptable in Bangkok...but not acceptable in another place.

It all depends on exactly how the local office imterprets the "rules".

So all you can do is ask ahead of time...don't assume because they are acceptable one place, that they will also be acceptable in another place.

It all hinges on the local office's interpretation of the funds being "readily available".

And no, I don't know exactly what that term means either.

[R123]

I recently asked an officer at the Bangkok immigration if a 15 month fixed term account with the Bangkok Bank was ok for "retirement" renewal and I was told yes.

[samtam]

A three month fixed deposit was perfectly acceptable at Bangkok Immigration for my first 4 renewals. However, the last time, (in May), there was a bit of hassle because the officer seemed unsure what a fixed deposit was/is, (despite it being very clearly described with a start and finish date etc, and a letter accompanying it from the bank explaining further). I had to get my bank relationship manager to explain in more detail over the phone whilst I was at Immigration, and it was accepted. However, to avoid the potential of this irritant next time, I will place the funds into a savings account for the 3 month period, as they seem to have no problem understanding this.

Edited July 19, 2011 by samtam

[marshbags]

A three month fixed deposit was perfectly acceptable at Bangkok Immigration for my first 4 renewals. However, the last time, (in May), there was a bit of hassle because the officer seemed unsure what a fixed deposit was/is, (despite it being very clearly described with a start and finish date etc, and a letter accompanying it from the bank explaining further). I had to get my bank relationship manager to explain in more detail over the phone whilst I was at Immigration, and it was accepted. However, to avoid the potential of this irritant next time, I will place the funds into a savings account for the 3 month period, as they seem to have no problem understanding this.

For anyone looking for an alternative investment to put your 800,000 into rather than your current acc. which for me this last year returned less than 4,000 interest.

If you have an existing Kasikorn current acc. it is very easy to transfer the funds from this to the following new account.

I was kindly offered a new promotional fixed deposit account this morning that actually runs from the 21st to the 29th of this month. ( July )

It is a K deposit via the Kasikorn bank and the interest break downs are as follows:-

1-3months 2%...4-6 months 2.5...7-9 months...10-11 months 5.75 and 12-13 months...7.5

Should you wish to leave it in the interest roles on after this period.

The interest noted above is automatically transferred to your current account every 3 months.

You can transfer the deposit back to the current account at anytime and in my case I will physically check the current rulings on fixed accounts at the Udon Immigration 3 months prior to my renewal and if it is still accepted, leave it in.

If not I will transfer it back for the qualifying period.

I completed the transfer within 20 minutes as the clerk took me over to the area that is specific to transactions other than deposits and withdrawals.

They ask for passport as is the required ID when doing other business, not having it with me, I provided my 5 year driving licence which is always as good.

My local branch is on Phosri Road opposite the side road to Udon Immigration by the way.

I hope this will be of assistance to anyone like me who is non to happy with the standard twice yearly interest payouts.

marshbags :jap:

Edited July 20, 2011 by marshbags

[Gippy]

I used a fixed account to extend my Non O (Thai wife) in Bangkok in June, no problem with that at all.

[Darrel]

If you have an existing Kasikorn current acc. it is very easy to transfer the funds from this to the following new account.

I was kindly offered a new promotional fixed deposit account this morning that actually runs from the 21st to the 29th of this month. ( July )

It is a K deposit via the Kasikorn bank and the interest break downs are as follows:-

1-3months 2%...4-6 months 2.5...7-9 months...10-11 months 5.75 and 12-13 months...7.5

Should you wish to leave it in the interest roles on after this period.

The interest noted above is automatically transferred to your current account every 3 months.

You can transfer the deposit back to the current account at anytime and in my case I will physically check the current rulings on fixed accounts at the Udon Immigration 3 months prior to my renewal and if it is still accepted, leave it in.

I also opened one of these the other day.

Just curious to know whether your passbook for this account said 13 month time deposit @ 2% like mine does, or whether it has some mention of the sliding scale? The cashier assured me that I would get the rate printed on the stepup flyer and to prove it (!) she stapled the flyer to the passbook.

Also worth noting that the girl who opened my account said that if I withdraw early they may claw back the interest. Apparently it happened to someone else, though given that this account has only been available for a few weeks there couldnt really have been any interest to claw back. So that's a bit of a mystery.

[marshbags]

I also opened one of these the other day.

Just curious to know whether your passbook for this account said 13 month time deposit @ 2% like mine does, or whether it has some mention of the sliding scale? The cashier assured me that I would get the rate printed on the stepup flyer and to prove it (!) she stapled the flyer to the passbook.

Also worth noting that the girl who opened my account said that if I withdraw early they may claw back the interest. Apparently it happened to someone else, though given that this account has only been available for a few weeks there couldnt really have been any interest to claw back. So that's a bit of a mystery.

My book has the same info as you highlight, Darrel.

They told me the 2% relates to how much you will get over the period it is left in, should you withdraw it before the 13 months referred to on the sliding scale.

I still reckon even if I have to draw it out early, it is a better return than what I was getting in my current account.

I still think on this basis as I took into account prior to opening it, that it is worthwhile and 2% is still attractive and a definite improvement on my current account and the twice yearly payouts.

Over some time now I have been offered various schemes re fixed deposits but was always put off by the fact that in those cases, should it be withdrawn early, you would loose either all or part of the interest in penalties which was to be paid after one year and would have made them less attractive than my current account payouts.

Re the sliding scale by the way interest it is paid into your account after each period of 3 months and not as in other fixed deposits I was offered, on maturity.

Like yourself I have the leaflet stapled into the rear of the pass book for future reference should it be needed for any reason.

marshbags

Note:-

The offer ran from 21st of June and ends on the 29th of July so if anyone is interested they have 2 weeks left to look into it.

Edited July 21, 2011 by marshbags

[Kismet]

I met a friend in Bangkok who is on his 9th retirement visa.

This is his best advice.

You can have any fix deposits you want.

Make sure you transfer back your 800K into your savings account

three months ahead of your expiry date.

Do not be so worry of your few months interest in exchange of

your peace of mind. Because different officers have their own set

minds of doing things. They have the final say. Why take the risk.

One officer may say yes, the next officer may say no. This is not

Europe. The Thai Immigration Act gives full authority to the officer

dealing with you. Please remember, he has the full authority under

the Thai Immigration.

As an good example, my case. All these years, I have been given a

30 days stamp on land arrival. Last January, he looked at me and

gave me a 14 days stamp instead. My friend behind me was given a

30 days stamp instead. That's it. My friend's advice is this.

Play safe. Forget the few months interests. Then you have peace

of mind. Then it's "Mai Mee Pan Ha" - meaning "No Problem".

[lopburi3]

Immigration in Bangkok does accept fixed deposit and if you have to take out every year you lose interest. Only if you have 'fund' type deposits is there an issue - not with cash fixed deposit accounts.

That rant about land entry appears to be his not knowing the rules changed to 15 day entry for most visa exempt arrival some time ago. But there are bilateral agreements with some countries that allow 30 or 90 day stamps.

[Darrel]

My book has the same info as you highlight, Darrel.

They told me the 2% relates to how much you will get over the period it is left in, should you withdraw it before the 13 months referred to on the sliding scale.

Good that you have the same info: unless we are both being taken for the same ride.

The website appears to say that you will get the rate applicable up to the period in which you withdraw, if you withdraw early. So for example if you withdraw during the 7.5% period you would still retain the previous 5.75%. It isnt very clear though.

I also intend leaving it for the full period and would be satisfied with a lower (but still reasonable) rate if I did need to withdraw early for some unforeseen reason.

[marshbags]

Immigration in Bangkok does accept fixed deposit and if you have to take out every year you lose interest. Only if you have 'fund' type deposits is there an issue - not with cash fixed deposit accounts.

That rant about land entry appears to be his not knowing the rules changed to 15 day entry for most visa exempt arrival some time ago. But there are bilateral agreements with some countries that allow 30 or 90 day stamps.

Just to compliment lopburi,s post, when I enquired about it some time ago I was told so long as you can access the cash as and when you want to, it is o.k.

Just make sure you can do this if taking a fixed deposit out.

Also it may help if you get the bank to put words to this effect in your letter you have to present to verify the account when going for your 1 year extension.

As already suggested by previous posters, check with your local immigration office 3 months prior to applying for your renewal to make sure it is ok, preferably with the officer commanding if possible and make a note of his name as it may help for reference purposes.

It also helps if you have a current account in addition, which shows movement, or an ATM facility with a few withdrawal slips ( for living expenses )

IMHO of course.

marshbags