Fixed Term Deposit Account For Extension?

[sms747]

Are there any rules that state you must have your 800k for extension in a saving account rather than a fixed term deposit, or is this just up to the officer you see? For the first three years I had a fixed term account that was not updated on the day, some query over it but OK with a bank letter. This year I moved it to a savings account (low interest) and it was even more difficult as the officer was so pedantic, he even suggested the bank letter could be a forgery and want to see the book updated that day. If the money had still been in a deposit account I doubt very much if I would have got an extension. I want to earn some interest of course so the money is back in fixed term, so what are the actual rules on this?

[Lite Beer]

Most Immigration Offices will accept a fixed account but there will always be the odd one that wants to be awkward.

[phutoie2]

Ditto, I had my 800K THB in a fixed deposit account for this years retirement extension and the Imm Officer wanted to see the old savings book where it originally came from. This at Phitsanulok.

[Guest]

I renewed my retirement extension today using a fixed term deposit. No questions asked.

[merijn]

Normally a fixed deposit should not be a problem but i know that Phuket Immigration most of the times don't accept the fixed deposit account for retirement visa extensions.

And they also are asking for the account book to be updated on the day or the day before you apply for the extension and this together with the bank letter.

But it is mostly up to the officer if they accept this yes or no.

[Guest]

I think showing an updated bank book to match the letter and statements is a matter of common sense.

[JulietLima]

They prefer fixed term deposits... But, still, you need a letter from the Bank.

However, last year I did it, but the lady at the Immigration refused my document from the Bank , and said she preferred an income Certificate from my Embassy !!!!

[finner]

They prefer fixed term deposits... But, still, you need a letter from the Bank.

However, last year I did it, but the lady at the Immigration refused my document from the Bank , and said she preferred an income Certificate from my Embassy !!!!

Pattaya Immigration will NOT accept a term deposit account

Edited December 18, 2011 by finner

[masuk]

What sort of interest is paid on Fixed Term Deposits in Thailand?

I'm wondering if it's more economical to have it stay in Australia at around 6%, and do a telegraphic transfer each year as required. It costs $30.00.

[Card]

Recently extended retirement visa at Suan Phlu (moved there temporarily due to floods). Initially queried update not current for day of application but then bank letter was current so let it go - but next year I will make sure both statement and letter are current for the day. I have had problems in the past with a term deposit - they don't understand it usually so I now always have my 800,000 in a savings account where the bank can print out and authenticate a full transaction list for 3 months. I also take original statements just in case, but they have trouble with those alone because they are a bit 'bitty' but they always accept the full separate list. I don't have a bank book with Citibank. I prefer to lose interest to make sure the officers ahve something they fully understand in the absence of a bank book which they just lurv.

[Roger2]

I am surprised that Pattaya Immigration will not accept a fixed term deposit as they will, and have accepted in my case, the Baht equivalent in my Foreign Currency account

[Card]

What sort of interest is paid on Fixed Term Deposits in Thailand?

I'm wondering if it's more economical to have it stay in Australia at around 6%, and do a telegraphic transfer each year as required. It costs $30.00.

Although from the uk, I recently went to Oz and opened an account to get that lovely 6.2% minus 10% tax. Transferred funds from Uk, then Oz dollar dropped and also discovered that the rates for internal transfer compared to external transfer removed all that interest. What a plonker! Anyway it's Ok as long as the cash stays in Oz - i will use the interest to have a good holiday every 2-3 years there. trouble is it's so expensive now in oz, I need more cash than I would if I went back to Europe for a holiday! bankers have u by the goolies whatever u try to do. Anyway the interest rates in Oz have dropped since I set up the account so after the period of 2 years (I should have done it for much longer), the interest rate will drop to just over 4 I believe.

[PEP]

What sort of interest is paid on Fixed Term Deposits in Thailand?

I'm wondering if it's more economical to have it stay in Australia at around 6%, and do a telegraphic transfer each year as required. It costs $30.00.

Although from the uk, I recently went to Oz and opened an account to get that lovely 6.2% minus 10% tax. Transferred funds from Uk, then Oz dollar dropped and also discovered that the rates for internal transfer compared to external transfer removed all that interest. What a plonker! Anyway it's Ok as long as the cash stays in Oz - i will use the interest to have a good holiday every 2-3 years there. trouble is it's so expensive now in oz, I need more cash than I would if I went back to Europe for a holiday! bankers have u by the goolies whatever u try to do. Anyway the interest rates in Oz have dropped since I set up the account so after the period of 2 years (I should have done it for much longer), the interest rate will drop to just over 4 I believe.

Just rolled over my Fixed Deposit in OZ at 6.2 % but as you say the TT Rate is 2.5%. No worries for me as I visit frequently and bring (declared) the amount of cash I think I need for the following period then dump it into a Bangkok Bank a/c at no charge in nor out

[loe]

Immigration Koh Samui does exept fixed deposit but you have to show ''the book'' and a letter from the bank.

Fixed deposit 3% (5 month) 3,25% (7 month) last week at Bangkok Bank.

[SammyChoi]

What sort of interest is paid on Fixed Term Deposits in Thailand?

I'm wondering if it's more economical to have it stay in Australia at around 6%, and do a telegraphic transfer each year as required. It costs $30.00.

Although from the uk, I recently went to Oz and opened an account to get that lovely 6.2% minus 10% tax. Transferred funds from Uk, then Oz dollar dropped and also discovered that the rates for internal transfer compared to external transfer removed all that interest. What a plonker! Anyway it's Ok as long as the cash stays in Oz - i will use the interest to have a good holiday every 2-3 years there. trouble is it's so expensive now in oz, I need more cash than I would if I went back to Europe for a holiday! bankers have u by the goolies whatever u try to do. Anyway the interest rates in Oz have dropped since I set up the account so after the period of 2 years (I should have done it for much longer), the interest rate will drop to just over 4 I believe.

Just rolled over my Fixed Deposit in OZ at 6.2 % but as you say the TT Rate is 2.5%. No worries for me as I visit frequently and bring (declared) the amount of cash I think I need for the following period then dump it into a Bangkok Bank a/c at no charge in nor out

The best way to do it is to TT to Thai bank account in $A and converts the money in Thailand. It will cost you about A$25 but the exchange rate is same as the normal note rate. I have been doing it for years and had transfer more that $10millions Baht.

You have to stay smart to avoid all these greedy backing fees.

[Estrada]

Immigration Koh Samui does exept fixed deposit but you have to show ''the book'' and a letter from the bank.

Fixed deposit 3% (5 month) 3,25% (7 month) last week at Bangkok Bank.

I assume that your native language is not English and meant to say does accept fixed deposit as you seemed to imply that they accept all except fixed deposits.

There was a time that they would only accept savings accounts with passbook updated on the day of your application and a letter also issued by the bank dated the same day, confirming the amount. In my case I have B800,000 in an HSBC Savings Account. As HSBC stopped issuing passbooks years ago, I had a hard job getting immigration to accept just the letter and bank statements issued by the Bank, but now it is accepted. However, I believe the Law still states "Savings Account" and so individual immigration officers do at times stick to the letter of the Law. In my case they only accepted the savings account and ignored the time deposits and my Thai Stock Exchange Account which have over B20 Million in them.

Best to make sure first or stick to a savings account.

[lopburi3]

Fixed deposit is a savings account that earns more interest over the fixed period of deposit - any deposit type account that can be withdrawn at any time without chance of loss in principal is normally accepted. What is not allowed are stock/investment type accounts (and some of them are difficult to know from normal fixed deposit savings account).

[crazykopite]

In Europe or the UK we are protected should a bank go out of business for a certain amount of money I think in the UK it is around £50,000 in Europe a little more however over here in Thailand no one seems to know if your monies are safe should a bank go under indeed a thai friend told me once that there local sbc closed down and they lost what monies they had in that particular branch Does anyone on this forum know what protection Thai banks offer

Immigration Koh Samui does exept fixed deposit but you have to show ''the book'' and a letter from the bank.

Fixed deposit 3% (5 month) 3,25% (7 month) last week at Bangkok Bank.

I assume that your native language is not English and meant to say does accept fixed deposit as you seemed to imply that they accept all except fixed deposits.

There was a time that they would only accept savings accounts with passbook updated on the day of your application and a letter also issued by the bank dated the same day, confirming the amount. In my case I have B800,000 in an HSBC Savings Account. As HSBC stopped issuing passbooks years ago, I had a hard job getting immigration to accept just the letter and bank statements issued by the Bank, but now it is accepted. However, I believe the Law still states "Savings Account" and so individual immigration officers do at times stick to the letter of the Law. In my case they only accepted the savings account and ignored the time deposits and my Thai Stock Exchange Account which have over B20 Million in them.

Best to make sure first or stick to a savings account.

[lopburi3]

I have not seen any reports of loss in deposit accounts; even in the meltdown a decade ago. There were delays in payout but believe all cash accounts were paid. Official protection will be lowered to one million baht under upcoming changes I believe.

[twix38]

Pattaya will accept fixed deposit accounts!

[Darrel]

The CIMB bank near Jomtien immigration even has a sign up in the window saying that their 3-month time deposit account is acceptable for a retirement extension.

[wpcoe]

The only problem I could see with a time deposit account would be for those Immigrations locations that insist on seeing a current day transaction in the bank book to match the bank letter. On a non-time deposit account, you simply withdraw B100, update the passbook, and get the letter. How could you do that with a time deposit and not mess up the long-term interest rate?

[Sophon]

The only problem I could see with a time deposit account would be for those Immigrations locations that insist on seeing a current day transaction in the bank book to match the bank letter. On a non-time deposit account, you simply withdraw B100, update the passbook, and get the letter. How could you do that with a time deposit and not mess up the long-term interest rate?

The bank makes a zero baht credit transaction on your account, at least that was what Kasikorn Bank did last month when I got my extension.

Sophon

[prodriver]

The only problem I could see with a time deposit account would be for those Immigrations locations that insist on seeing a current day transaction in the bank book to match the bank letter. On a non-time deposit account, you simply withdraw B100, update the passbook, and get the letter. How could you do that with a time deposit and not mess up the long-term interest rate?

Put 100 baht in and then update??

[Sophon]

The only problem I could see with a time deposit account would be for those Immigrations locations that insist on seeing a current day transaction in the bank book to match the bank letter. On a non-time deposit account, you simply withdraw B100, update the passbook, and get the letter. How could you do that with a time deposit and not mess up the long-term interest rate?

Put 100 baht in and then update??

You can not put extra money into a fixed/time deposit.

Sophon

[NancyL]

I just run the passbook thru the update machine the same day that I get the bank letter. The Bangkok Bank machines will print out the current balance and date, even if the balance hasn't changed since the previous updating.

[wpcoe]

Another reason for me to consider leaving SCB and moving to Bangkok Bank. The first reason being the economical way to tranfer funds from USA bank to Thailand.

[insertmembernamehere]

First, the regulations say nothing about what kind of deposit or what bank you have your 800K in. So my question is, confronted with this very clear and simple regulation, what would one do if an immigration official rejected a fixed-term deposit account with the required amount in it and for the correct time frame? Who polices the immigration officials on things like this?

[insertmembernamehere]

I want to point out another thing that is quite important. Bangkok Bank advertises, for example, a 3.25% annual rate with a five-month mandatory deposit time -- meaning that you can take out your money after five months without losing any accrued interest (early withdrawal is fine, but you lose all interest) before the deposit year is up.

However, and here is where the fine print you didn't read and were not told about kicks in:

After the five months, the interest rate drops down to the simple three-month rate of 2.00% forever after.

I was scammed on this last year. I was lead to believe that if I left the money in the account indefinitely, I would be earning 3.25% per year, but alas, I found that that rate only applied for five months.

It is the same if you open an account for 11-months. You get the advertised rate for 11 months and regardless of whether you leave the money where it is, the rate drops back to the minimum three-month rate.

I was not shown anything about this nor was I advised of this when I opened my fixed rate account and I did ask many questions.

Once explained, this is clear, but if explained as the Bangkok Bank people did that it was an annual rate in which you could withdraw early if you liked after only five months, it gives you the impression that the initial rate is binding, not temporary. This is very shifty behavior in my opinion.

[Sophon]

I want to point out another thing that is quite important. Bangkok Bank advertises, for example, a 3.25% annual rate with a five-month mandatory deposit time -- meaning that you can take out your money after five months without losing any accrued interest (early withdrawal is fine, but you lose all interest) before the deposit year is up.

However, and here is where the fine print you didn't read and were not told about kicks in:

After the five months, the interest rate drops down to the simple three-month rate of 2.00% forever after.

I was scammed on this last year. I was lead to believe that if I left the money in the account indefinitely, I would be earning 3.25% per year, but alas, I found that that rate only applied for five months.

It is the same if you open an account for 11-months. You get the advertised rate for 11 months and regardless of whether you leave the money where it is, the rate drops back to the minimum three-month rate.

I was not shown anything about this nor was I advised of this when I opened my fixed rate account and I did ask many questions.

Once explained, this is clear, but if explained as the Bangkok Bank people did that it was an annual rate in which you could withdraw early if you liked after only five months, it gives you the impression that the initial rate is binding, not temporary. This is very shifty behavior in my opinion.

Information from Bangkok Bank's website about the current 4 and 11 month fixed deposit specials:

At maturity the bank will automatically roll-over the deposit to a three-month fixed term using the current interest rate available at that time under the bank’s conditions in the event that a depositor has not withdrawn any money from the account, and has not provided a subsequent instruction.

Sophon