Seasoning The 800,000 Baht (?)

[mca]

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.

Once I showed up for a marriage extension having had exactly 401000 baht in the bank. The bank statement printout showed that I'd stopped withdrawing from that account some weeks previously. The immi officer asked what I was living on and I replied my wife's salary. He accepted that at face value. Other times in the exact same situation where I've had the required amount and no account movement for some time it's never been questioned.

[fishhooks]

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.... "quote"

Is this method universally accepted with all offices? Khon Kaen?

There's been reports in the past that some will not allow this as the qualifying method!

I guess as long as the funds are readily available it should be okay, but from the applicants end of things, if you do make a withdrawal during the 'term' do you lose the benefit of the higher interest on the whole amount if you happen to need some quick cash?

[jfchandler]

Correct.. There have been some member reports that some upcountry immigration offices have balked at accepting funds in Thai bank time deposit accounts for the 800,000 baht qualifying requirement.

However, the rules do seem to allow that... And it should be OK with most immigration offices including Bangkok. But for the reasons mentioned, it also would make sense for folks upcountry to run that by their local immigration officials, just in case. Or at least do a search of TV member posts on that subject.

[lopburi3]

In reports I have seen of non acceptance it has not been clear that they were fixed deposit cash accounts. In most cases where account status was clearly stated and not accepted they were funds/bonds rather than cash. The normal cash time deposit accounts should be accepted. As to interest loss that will depend on the account/bank rules as to how that is determined. But in general early withdrawal will remove some, if not all, interest income.

[fishhooks]

Depending on the Immigration office concerned, is it possible to have a sizeable amount of the 800,000 say, 500 or 600,000 as a fixed term and have an 'everyday' account to maintain the balance required, making sure that the variable account has enough and keeps enough funds to total 800,000 three months prior to extension renewal?

[lopburi3]

Yes multi accounts are acceptable - just be sure in your name only.

Account totals must remain above the requirement for the entire period of time.

[fishhooks]

Thanks for that, good advice.

What is available at present on average for say THB500,000 with a major bank for a longish term.

I'm in Australia at present so probably hard to compare, but, with the way of the world finances at present, hard to imagine what is around the corner!

[lopburi3]

There have been several recent offers of between 3-4% for about one year deposits - as the future is likely to be higher rates believe the long term deposits are false economy at this time as not above short term special offers. But if you believe rates are headed lower your view might be different. Believe Oz rates are already at much higher returns but most of world is quite low.

[IMA_FARANG]

Just to be clear, I had been planning to retire in Thailand for many years.

When I finally did retire I brought the 800K baht funds to Thailand.

I had previously opened a joint account with my Thai girlfriend for her and my Thai family's living expenses in bangkok Bank.

When I tried to open an account in my name only at the nearest Bangkok Bank branch they said no...need a letter from the U.S. embessy to open an account.

I knew that wasn't true...so I went to the same branch of Bangkok Bank where I had a that joint account with my Thai girlfriend and a record of transfers of money into that account for the family expenses.

It was like I had found the magic key. All objections to opening an account in a farang's name had evaporated because I had that joint account with a Thai.

15 minutes later I was out of there with my new account bankbook and a new ATM/debit card on my account..which can be used not only in Thailand, but in any of the neighboring countries.

Although that joint account is not required or even accepted in applying for your retirement extension using the 800K baht account method it also made a big difference in the attitude at Chang Wattana when I applied for that retirement extension.

I was asked, "Yes, you have the 800K, but we see no record of withdrawals. How do you get money to live in Thailand?"

Since I had expected such a question, I had my joint account bankbook with me, and a printout of transfers from my U.S. bank into that joint account and my Thai family's ATM witdrawals for the family's expenses from that joint account.

Once again, that was the magic key. It established me and my validity...and opened all the doors.

So now I am on a retirement extension...living here in Bangkok...and that joint account had a large part in getting that approved.

[Jingthing]

No need for a Thai wife to get a bank account or immigration approval for retirement extensions. That is not "magic" that is just one anecdotal story.

At immigration if you show an account without withdrawals be prepared to answer and show evidence whatever it is. Your answer will be whatever it is; as long as it doesn't involve working in Thailand I don't see a problem. Perhaps you do ATM withdrawals, for example.

Edited August 20, 2011 by Jingthing

[Sparkles]

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.

In the 5 years I have successfully applied for a retirement extension ,in Bangkok and CM,the money has always been sitting in a fixed term account ,untouched,earning a miserable amount of interest.I have NEVER been asked why the account is not active. My Bangkok Bank Manager has never had a query from customer/immigration to this regard and he is issuing the compulsory bank letters daily.

[Jingthing]

Of course. Immigration MAY ask. They MAY ask about anything actually as they have that power. If going in with something they are more likely to ask about, it's wise to be prepared with an answer.

[fishhooks]

All GOOD stuff

[jfchandler]

Thanks for that, good advice.

What is available at present on average for say THB500,000 with a major bank for a longish term.

I'm in Australia at present so probably hard to compare, but, with the way of the world finances at present, hard to imagine what is around the corner!

I agree about 3 to 4% being the best I've seen of late for any Thai time deposit accounts. Usually those have been advertised specials with some particular terms, whereas the regular routine time deposit rates have been a bit lower, depending on the deposit amount and length of the time deposit. But, all of the major Thai banks have on their web sites, in varying forms of English, rate sheets showing their time deposit terms and rates as well as rates for their other kinds of accounts.

In general, during this past year, interest rates on deposits in Thailand have been gradually rising as the Bank of Thailand has several times raised its benchmark rate. Whether that will continue, and if so how fast, I don't know, especially now with a new government installed and some uncertainty about their fiscal policies.

Do keep in mind, however, that as of next August 2012, the amount of government guarantee on Thai bank deposits is due to fall to a maximum of 1 million baht per account holder... Anything above that will not be insured against bank failure by the Thai government.

[jfchandler]

FWIW, I just did my retirement extension renewal in Bangkok today... American using consulate income letter...

Absolutely nothing different or out-of-the-ordinary... and no changes from the established procedural norm...

No second photo asked for. No map of the house asked for. No photos of house or family asked for. No Thai bank book or bank statements asked for. No lease or utility bills asked for.

(I did, however, have copies of all those other things listed above with me...just in case Immigration asked.)

No questions about how or where my funds come from or are used. And no warnings to be prepared to bring or have anything different next year.

Only:

--provided them my original passport.

--signed TM7 application form with 4x6 cm photo pasted on the reverse side.

--original U.S. consulate income letter certifying income exceeding 65,000 baht per month.

--signed copies of my passport face page, most recent retirement extension stamp, most recent arrival stamp, and future departure card.

--given and asked to sign one usual form from Immigration about understanding and acknowledging the rules.

--payment of 1,900 baht fee for 1 year extension of stay.

Edited August 20, 2011 by jfchandler

[NancyL]

When we retired to Thailand, we opened a Bangkok Bank account of 800,000 baht just in my name for my O visa extensions based on retirement. Hubby has retirement income and uses the income letter from the American Consulate. I did my 12 month retirement extensions a couple of times without any question, but the last time, the official at the Chiang Mai immigration office asked me how I lived since the account was untouched for three years. I pulled out the blue passbook for our joint Bangkok Bank account and said, "my husband is also here for retirement and has sufficient income for both of us to live. Would you like to see our joint account?" He waved it off. I guess just seeing the passbook and hearing a plausible story was enough.

[merijn]

When we retired to Thailand, we opened a Bangkok Bank account of 800,000 baht just in my name for my O visa extensions based on retirement. Hubby has retirement income and uses the income letter from the American Consulate. I did my 12 month retirement extensions a couple of times without any question, but the last time, the official at the Chiang Mai immigration office asked me how I lived since the account was untouched for three years. I pulled out the blue passbook for our joint Bangkok Bank account and said, "my husband is also here for retirement and has sufficient income for both of us to live. Would you like to see our joint account?" He waved it off. I guess just seeing the passbook and hearing a plausible story was enough.

To avoid any problems i have two accounts in my own name.

One account with 400.000 Baht which i use only for the visa application and the other account for my normal day to day living.

I show them both accounts and i think they are happy with this.