800K For Retirement Visa, Can It Be Held In Term Investment?

[exeter]

Later this year I will look to move to a retirement visa, I will send the 800k by swift whilst I am in the UK, do I have to have this sum in a savings account with low interest or can I put it in a "stepped interest account" or longer term account which pays a better rate of interest? Would there be any problems whilst moving from one "stepped" or longer term account as regards the 2/3 months rule?

Thanks for any advice.

[samtam]

Where are you applying for your Extension of Stay? We apply at Chaengwattana in Bangkok. We used to place our THB800k (each) into a 3 month fixed deposit, but last year IMM were proving quite difficult about it, because they appeared not to understand what a fixed deposit was. They prefer savings passbooks. On that basis I suspect you would have a problem. You are best to make it as simple as possible for them. I can't think the difference in income earned on three months in THB is that significant, whatever the instrument.

[exeter]

Where are you applying for your Extension of Stay? We apply at Chaengwattana in Bangkok. We used to place our THB800k (each) into a 3 month fixed deposit, but last year IMM were proving quite difficult about it, because they appeared not to understand what a fixed deposit was. They prefer savings passbooks. On that basis I suspect you would have a problem. You are best to make it as simple as possible for them. I can't think the difference in income earned on three months in THB is that significant, whatever the instrument.

I will do it in Nakhon Sawan, Perhaps the best way is to ask directly at Immigration, or ask the Bank Manager to have a word and see what the local score is.

[Miami Bob]

It depends on which immigration officer you talk to, at which office, which year and what they had for breakfast.

One year they I showed them my 800K in a long term savings account and they said it's no good and I had to go put it into a regular savings account and come back the next day.

Then the next year a different officer said it's no problem you can have it in a long term deposit account as long as it's with a Thai bank.

This past year I used the long term account again and they accepted that, no problem.

If they do not accept your long term account and tell you to put it in a reg. account then they could say it hasn't been in there for 90 days and screw you that way. That's when you may have to pull the cash out.

If you leave the money in a long term account an never withdraw it they may question you as to what you are living on.

The very safest way is to keep it in a reg. no interest account, draw it out gradually over the next 9 months and then put 800K back into the account again 90 days before visa renewal time.

Thai immigration is like playing Russian roulette, you never know for sure. I have been here for 9 years but don't take my word for it, ask expats that have been here for 25 years and they will tell you basically the same thing.

[Daveroc]

Because this issue was raised a number of times with our staff at the Bank, we wrote to the immigration for a ruling. The ruling came back from the Head Office that it was immaterial whether it was in a Savings Account or a Fixed Account. Both are issued with passbooks.

However, as has been stated it depends a lot on the office you are dealing with.

[terryq]

The normal test is, I believe, whether the money is in a Thai bank and available on demand. Standard Fixed Term deposit accounts at Thai banks are suitable as money is available on demand, but with loss of interest on withdrawal . If the money is unavailable for the term then that type of account is not allowed .

BUT

These rules, as far as individual Immigration Offices/Officers are concerned, are not cast in stone, rather they are cast in melted butter. So do not think its possible to give a definitive answer.

[flying]

I note this question comes up a lot in the Visa section

http://www.thaivisa....d-work-permits/

From what I have read they always say it is ok as long as access to the funds is not restricted.

Of course what each local office demands may be subject to the wind

Maybe try asking in that forum section too or Loburi3 may step in here as he has a wealth

of knowledge on these things

Edited March 16, 2012 by flying

[CharlieH]

Generally as long as the funds can be accessed on demand (often loss of interest if done) the type of account doesnt matter.

Any account where the funds are locked for the duration will not be accepted.

BUT as always in Thailand this may vary from office to office and even by the officer on the day.

My recommendation is ask for confirmation directly with your own office that services your area.

[lopburi3]

Have advised in answer to PM but basically it is that a normal fixed deposit account should be accepted - in most cases the accounts that have not be allowed were actually bank fund type plans which are investments and not available cash with only loss of interest between customer and withdrawal. Sometimes the banks are not too clear on what is what.

[12DrinkMore]

Never had any problem with fixed term accounts or savings accounts.

They refused to allow a money market account, even though the funds could be withdrawn within a working day.

[E1717007]

both Fixed and Saving are accepted but more importantly it all depends on the individual Immigration Offices/Officers are concerned

[exeter]

Thanks for all your comments.

I will swift the money over in good time then see the local Immigration who seem very helpful and friendly when I get back, take them some leaflets of what I am thinking of (account type ) and see what they say.

[keeniau96]

Good idea to take the leaflets from the bank to the Immigration gents for a pre-approval. Here on Phuket I would ask that the boss dog give it a look and I suspect she would thus be a ruling for the office.

[GreenSnapper]

both Fixed and Saving are accepted but more importantly it all depends on the individual Immigration Offices/Officers are concerned

I had problems recently at Chaeng Wattana with a fixed account.

Officer demanded that my bank book shall have a recent booking. Of course, this is a fixed account and I had the bank letter from previous day which stated my 800K.

"Not enough, need recent booking. Go down to Kasikorn and add 1000 Baht."

Actually I already asked KBank to make some booking, smelling problems to come. I explained politely again, that this is fixed, no money goes out, no money comes in.

They are not the brightest there.

Finally, she asked her supervisor to come over. Supervisor checked the papers, looked at my decent dress , and finally acknowledged my visa exension.

Next time I will not bring a fixed account again. You never know what they have in their minds. There are accounts with higher interest rate where you can draw some money. I will probably take such an account and draw a few Baht to get a "recent booking".

[lopburi3]

Believe any bank teller can update the passbook without a transaction. I know Bangkok Bank can as they have done in the past and believe they normally do this when writing a bank letter of account balance. The bank staff at lower level Chiang Watanna are very friendly to foreigners and know what is required and believe they will all be able to provide.

[w11guy]

I think the rules are clear. It's just that some immigration offices will sometimes be a little more flexible. This is the same in all countries. Don't know why you lot keep knocking Thailand for something that happens the world over. In UK they have strict immigration laws but still abandon them completely at busy times. It's the same thing. Some things in UK are a criminal offence, but some officers will still let you off. That's life. Stick to the rules and you'll be ok. Don't follow the rules and you'll have to take your chances.

[GreenSnapper]

Believe any bank teller can update the passbook without a transaction. I know Bangkok Bank can as they have done in the past and believe they normally do this when writing a bank letter of account balance. The bank staff at lower level Chiang Watanna are very friendly to foreigners and know what is required and believe they will all be able to provide.

Kasikorn cannot update the book. I even talked to the manager.

[lopburi3]

Was that at the branch in Chiang Watanna? I have also seen reports that K bank could not make entry but have also seen at least one that they in fact did. Surly a teller should be able to bring forward an account balance.

If indeed unable to update passbook could they perhaps issue a letter of account balance for that day and it be accepted? I know people have been getting letters at those branch banks even though there account is not located there.

[12DrinkMore]

Try Krungsri, their term deposits pay interest monthly, so

1. You get a regular income

2. An entry is made in the pass book every month.

[Sophon]

Was that at the branch in Chiang Watanna? I have also seen reports that K bank could not make entry but have also seen at least one that they in fact did. Surly a teller should be able to bring forward an account balance.

If indeed unable to update passbook could they perhaps issue a letter of account balance for that day and it be accepted? I know people have been getting letters at those branch banks even though there account is not located there.

Updating the passbook of a K-Bank account will only show the entries and the balance on the day those entries were originally made, and a teller cannot do anything about it. Since you cannot withdraw or add more money on a fixed term deposit account, what they can do (and what they did when I did my extension) is to make a credit entry of zero baht, which won't cause any problems with future interest calculations on the account.

However, many branches won't know this is possible. I went to my home branch to have the passbook updated, and even though I actually suggested making a zero baht credit entry (at the time just a guess from me based on my time working in a bank), they said it was not possible and that immigration would accept a balance print out of the account on a piece of A4 paper. Of course, immigration would not accept this, but the K-Bank branch near Suan Phlu (this was during the flood) knew what to do and made the zero baht credit transaction to make the passbook show the balance on that day.

Sophon

Edited March 18, 2012 by Sophon

[belg]

as long as i can remember, the officer always will ask to add 100 baht the same day, even if you did yesterday or the day before... one more photocopy to go take a bit further and there you go

crazy rulez, depends indeed of the mood of the person in front of you

they must go crazy, seeing a farang with 800k (at least 40 months of their 20.000 baht salary) on their SAVING account, just sitting there...

makes me always want to say: when are our home countries going to demand that some thai had 40 months of average income (1250 euro x 40) sitting on a saving account

and asking all those foreigners in our countries each year to come begg for an extenstion of 12 months

crazy world, as you know that thailand does not provide anything for their legal or illegal refugies ... no social security, no social welfare, no pension...

so why all those crazy rules for people who have been here for years, having a family, children, work , businesses .... ???????????????????????????????????????

[GreenSnapper]

Was that at the branch in Chiang Watanna? I have also seen reports that K bank could not make entry but have also seen at least one that they in fact did. Surly a teller should be able to bring forward an account balance.

If indeed unable to update passbook could they perhaps issue a letter of account balance for that day and it be accepted? I know people have been getting letters at those branch banks even though there account is not located there.

Immigration was in Chaeng Wattana, KBank was my BKK home branch.

Of course I had the bank letter which stated my 800K, issued on the previous day.

I also had a copy of the bank book which the KBank manager stamped and signed on the previous day too. I guess this saved my extension of stay.

So the whole procedure went finally ok.

But it left a bad taste from this experience. I was on the limit if not getting my extension. To be on the safe side, next year I will not go the same path again. It is just too unsure how they will react. I will bring an account where I will be able to deduct a small sum on the last day and get an update of my pass book.

If your bank is more flexible, then no need to worry. But with visa issues here, you cannot leave the slightest uncertainty.

Just a warning - your miles may vary.

Edited March 18, 2012 by GreenSnapper