Seasoning The 800,000 Baht (?)

[jackdawson]

I have a question.

I am getting ready to move (the) 800,000 baht from the States into my Thai bank account.

I am just about six months away from applying for a new retirement extension. Looks like next year I will switch to the "800,000 baht in the bank" method as opposed to the "65,000 baht a month embassy letter" method I've used for the past two years.

I (think I) know one only needs three months seasoning but since I can't imagine living anywhere else in the world (right now), I am going to bring the cash over early. You know, safe not sorry.

My question is once the money's at Bangkok Bank, do I have to do any periodic withdrawals and deposits (to show that I am actually using / spending that money) or can I just leave it alone (which I'd prefer to do).

thx

Jack

Edited July 27, 2011 by jackdawson

[moe666]

I think either works, as long as it doesn't go below the 800,000 during the 3 month period.

[lopburi3]

There is no requirement to use the 800k so if you want to let it sit put into a fixed deposit account to earn a little interest. Just be sure it is a cash account - not some back sponsored "fund" as those would not be accepted by Immigration.

Some officers will want to see that you actually have a way to obtain money so best to have another account book you use for normal expenses that could be shown on request (no reason to keep more than spending money in it).

[meatboy]

i have 2 acounts my visa amount in a fixed cash ac.and a savings ordinary ac.for living exs.like the previous posts said dont put your visa amount into a bond or some sort of fund.[must be a fixed cash deposit acount]

[Gary A]

The first time I used the 800,000 baht deposit, I didn't touch the account for several months. The immigration officer quizzed me about how I was living without using my bank account. So, the answer is that they do like to see activity in the account. I now use the money from that savings account during the year and top the account up several months before having to extend my visa.

[lopburi3]

But there is no need for any activity in such an account and no such requirement in any immigration regulation. An individual officer can make a request but that does not make it a requirement or a necessity for approval. But as I mentioned if you do not use the account it is best to have something that you can show for daily needs. Just as for Embassy income letter it is best to have supporting documentation available to show and a local account.

[meatboy]

as the op has already stated he has a bkb ac.so he only has to go along and put the visa amount into another ac.because they will not let you open a fixed ac.at other banks unless you open an ordinary ac.to transfer the interest into.

[jackdawson]

thx guys .

i'll try to start saving the printouts from the Thai bank ATM machines i use here to get money from my US bank accounts . i'll bring those to Immigration just in case .

i'm retarded paying all those fees but that's how I access my money here .

[Jingthing]

This is kind of an academic question but suppose you show up, have the 800K and its not used for spending. So they ask about how you source your living money, and you tell them, and it's legal, but for some reason you don't have documentation. Would they really deny the extension then? Yes they might SUSPECT illegal activity but they don't have proof, and you have met the requirements. So would they really usually reject just based on an unproven suspicion?

Edited July 27, 2011 by Jingthing

[NancyL]

I opened an orange passbook account at Bangkok Bank about 3 yrs ago for my 800,000 baht. It pays better interest than our blue passbook joint account, which we use for our living expenses. I've never touched that 800,000 baht and finally did have an immigration officer ask a question about what I used for living expenses at the last extension. I said my husband has his own retirement visa and uses the income letter from the U.S. consulate. His income is more than adequate to cover the expenses for both of us. I held up the blue passbook and offered to let him look at it, but he just waved it away and stamped my paperwork.

P.S. The OP should seriously consider opening a blue passbook account at Bangkok Bank and transferring funds into Thailand thru it. His U.S. bank can deposit the money in Bangkok Bank's NYC branch, or he can get a private pension check direct deposited there, too. The blue passbook accounts come with an ATM card that can be used at any Bangkok Bank ATM machine in Thailand, although ones out of area do charge 20 baht. That's still much better than the 150 baht fee they have for using an overseas ATM card.

Edited July 27, 2011 by NancyL

[lopburi3]

This is kind of an academic question but suppose you show up, have the 800K and its not used for spending.

No they would not normally disapprove for such reasons - just as they will normally give a benefit of the doubt for new requirements until they have told you or had you sign understanding of them. What seems to be the process is the interview non commissioned officer is acting as your sponsor and signing for you so they are on the line for any errors. In almost all cases they seem to try and be reasonable if they believe you are sincere - but as with any person on person relationship there can be misunderstandings (and fraud) so at times there are issues. But in most cases they can be (amiably) resolved with very little effort by remaining calm and asking what you should do. Getting another photo copy and such is probably not going to be a major problem unless we make it one.

[TerryLH]

"...for my 800,000 baht."

"...my husband has his own retirement visa and uses the income letter from the U.S. consulate."

I guess that you have chosen to both meet the financial requirement even though you don't need to.

Your husband could 'piggyback' on your extension and save the cost of the letter from the embassy.

Or you on his, without saving the cost of the letter.

This assumes a legal marriage.

[jackdawson]

thx for the info nancy . i will inquire at Bangkok Bank . the fees i am paying (150 baht to thai bank and maybe $5/$10 per withdrawal on my US accounts) are just sick .

Edited July 27, 2011 by jackdawson

[NancyL]

"...for my 800,000 baht."

"...my husband has his own retirement visa and uses the income letter from the U.S. consulate."

I guess that you have chosen to both meet the financial requirement even though you don't need to.

Your husband could 'piggyback' on your extension and save the cost of the letter from the embassy.

Or you on his, without saving the cost of the letter.

This assumes a legal marriage.

Yes, we decided to each maintain our own visas, just as we each have our own pensions and retirement accounts. (Well, actually I was a "child bride" so my retirement income hasn't started yet, but Hubby's has) We figured if one of us passes, then the other is going to have more than enough to do without having to worry about his/her visa. Besides, we brought in my 800,000 baht when it was 37 baht to the dollar. It's "appreciated" nicely due to the clowns in Washington.

Oh, and yes it is a legal marriage. In fact, it will be our 35th anniversary in December and I've gotten the wild idea of maybe having an "official" Thai marriage at the amphur office. So stay tuned, I may be asking questions elsewhere on TV about how we can get married at the Amphur office when we can't get a "permission to marry" from the U.S. Consulate, because we're already married, albeit to each other!

[TerryLH]

"In fact, it will be our 35th anniversary in December and I've gotten the wild idea of maybe having an "official" Thai marriage at the amphur office."

Congrats! 23rd in January for me.

Another fun ceremony to think about, is getting married underwater on Valentine Day.

They do that in the South somewhere every year. Krabi, maybe??

Another idea would be a village ceremony.

On elephants...

Lot's of interesting things to do to renew your vows.

Terry

[NancyL]

"In fact, it will be our 35th anniversary in December and I've gotten the wild idea of maybe having an "official" Thai marriage at the amphur office."

Congrats! 23rd in January for me.

Another fun ceremony to think about, is getting married underwater on Valentine Day.

They do that in the South somewhere every year. Krabi, maybe??

Another idea would be a village ceremony.

On elephants...

Lot's of interesting things to do to renew your vows.

Terry

Underwater -- I don't think so! Elephants, maybe.

Oh, as my good Methodist pastor used to say in the U.S. -- marriage vows aren't like drivers licenses; they don't expire! We wouldn't be "renewing" our vows, just confirming them in a different language.

[jombom]

thx for the info nancy . i will inquire at Bangkok Bank . the fees i am paying (150 baht to thai bank and maybe $5/$10 per withdrawal on my US accounts) are just sick .

So, why do you continue to do it ??

Lots of Americans I know, behave like this, and frankly it is weird.

[lopburi3]

"In fact, it will be our 35th anniversary in December and I've gotten the wild idea of maybe having an "official" Thai marriage at the amphur office."

Congrats! 23rd in January for me.

Another fun ceremony to think about, is getting married underwater on Valentine Day.

They do that in the South somewhere every year. Krabi, maybe??

Another idea would be a village ceremony.

On elephants...

Lot's of interesting things to do to renew your vows.

Terry

Underwater -- I don't think so! Elephants, maybe.

Oh, as my good Methodist pastor used to say in the U.S. -- marriage vows aren't like drivers licenses; they don't expire! We wouldn't be "renewing" our vows, just confirming them in a different language.

There are no vows and you are already married under Thai law so unless you want to include a divorce in your plans marriage I suspect is not in the cards. They may allow registration of your original marriage paperwork however, as they do for Thai married overseas, but have not seen any reports of this. That would require translation into Thai/US Embassy sign off/registration at MFA and then recording the paperwork in District Office books. But as said have not seen reports except for those married to a Thai.

[ToffeEFCpower]

Where's the logic in having 800k tied up in a Thai bank earning next to nothing?

Much better to do the embassy stat dec and leave your money offshore to earn decent intrest

[Suradit]

Where's the logic in having 800k tied up in a Thai bank earning next to nothing?

Much better to do the embassy stat dec and leave your money offshore to earn decent intrest

Sort of a gamble either way. I used to keep the B800,000 at least long enough for the required three months and was lucky enough to transfer it in at a better exchange rate. Now I use a combination of money in the bank of around B500,000 plus the letter (which also removes the three month seasoning requirement) depending on doing a couple of transfers when the exchange rate seems relatively good.

If they brought the B800,000 in at B37 to the dollar and it's now about B29.70, that's nearly a 25% gain, plus whatever it's earned locally in interest. I haven't been that lucky, but I've generally done better than I would have if I keep the money in dollars in a money market or interest bearing checking account.

Considering the state of things in the US/UK/EUROZONE there's a good chance your "decent interest" will be greatly eroded by the declining exchange rate.

Whichever way you choose to deal with it, it's a gamble, but if you keep B500,000 to B800,000 here it gives you some room to manoeuvre. If you only bring over the bare minimum of B80,000 to B100,000 a month to cover expenses you really are at the mercy of the exchange rate.

There are ways, of course, to earn way more in the US & Europe, but that generally involves money invested for the long term, which I'm sure most of us do as well. But most people wouldn't be funding their monthly transfers from those investments.

Edited July 31, 2011 by Suradit

[12DrinkMore]

Where's the logic in having 800k tied up in a Thai bank earning next to nothing?

Much better to do the embassy stat dec and leave your money offshore to earn decent intrest

Well, you can get 3.5% at the Bangkok Bank, which is more than similar deposits in USD, which has been steadily devaluing against the Asia currencies, a trend to which I cannot see an end until the US economy has been sorted out.

So a few Baht earning 3.5% is, IMO, a sound investment against further USD falls.

[ToffeEFCpower]

Australia is giving 6.3% short term in the banks then there are managed and private fund options paying 10% plus

[jimbeam1]

I recently done my visa extention. Using the 800,000 in the bank. I have a fixed account. Got letter from Bangkok bang, stating how much in bank. Immigration officer (bangkok) asked for pass book made up with that days date + photocopy of that page. Which the little dear hadn't asked for before I went back to him with pass book made up to date. I also thought about a n offshore account. But when I looked into it, they were asking for a monthly fee. I didn't do the maths so don't know if it was viable or not?

jb1

[chmiroau]

I have found that they want to see a recent transaction, usually requested on the day of the application. We just deposit, say, 500b on the day of application. If there are any substantial transactions on the report from your bank expect to be quetioned about it like we were when we bought a car.

[markinoc]

I've always found that wearing nice cloths and smiling a lot gets me though immigration and the land transport office, in addition to paperwork technicalities.

[phanangpete]

Australia is giving 6.3% short term in the banks then there are managed and private fund options paying 10% plus

Hi, im a Uk citizen living in Pattaya, can i open an Austrailian account and earn that sort of interest ?

[ToffeEFCpower]

Yes if you go live there for a while

[gk10002000]

I didn't quite realize the details of the 3 month seasoning period. I assume it is the 3 months immediately prior to the new visa extension dates. 800,000 baht is about 26,500 USD. 26,500 for 9 months at 3.5% in my short-term Municipal bond fund is about $ 695 USD. About 20,000 baht. Not even one month's living expenses. If I don't go the 60,000 baht a month method, I don't think it is worth the paperwork to move the 800,000 baht money in and out every year. I hate papwerwork.

[lopburi3]

It is the three months prior to application.

[jfchandler]

I didn't quite realize the details of the 3 month seasoning period. I assume it is the 3 months immediately prior to the new visa extension dates. 800,000 baht is about 26,500 USD. 26,500 for 9 months at 3.5% in my short-term Municipal bond fund is about $ 695 USD. About 20,000 baht. Not even one month's living expenses. If I don't go the 60,000 baht a month method, I don't think it is worth the paperwork to move the 800,000 baht money in and out every year. I hate papwerwork.

Two things re your comment above...

1. The monthly income requirement for retirement extensions of stay is 65,000 baht per month... not 60,000 as you mention above.

2. If you were using the 800,000 baht in a Thai bank method instead, you wouldn't have to move the money in and out every year. You could place the funds in a Thai bank longer-term time deposit account earning 3 to 4 percent per year, and leave the funds there.