Question About Bank Letter - For Immigration

[Martinpeter]

Hi There/.

went to my Bank today (Bangkok Branch, The Mall Bangkae) on other business, to get a new book and my misses enquired about a letter for funds in my account as we need one in 2 more weeks for my non "o" visa extension due then.

They told me - new policy change now? this year, it takes 3 days to get this letter now? as they have to contact your Embassy? strange.

Has anyone herd this from Bangkok Bank? for the last 2 years got it the day before in 1 hour easy!

What about - branch at Cheang Watthana downstairs from Immigration, has anybody got a letter recently? or is this my branch making things easier (HA-HA).

please reply and let me know

many thanks.

[lopburi3]

Sounds as if manager is making it up. That would appear to be 'get from hqs' rather than local manager signing himself. But if this is a sub-branch in a Mall that may be the reason. Believe you can get immediately at branch office in Chiang Watanna but have no personal experience as use retirement income letter.

[Pib]

What's the Bang Khae branch going to do...call the embassy to confirm you have enough money in Bangkok Bank to meet extension requirements? The embassy will probably just hang up on them. Sounds like the branch manager maybe didn't know what he was talking about/got confused.

In Sep 11, I got my bank letter from the Chiang Wattana Bangkok Bank branch...took 10 minutes and 100 baht to get the letter. Then went upstairs to immigration and used the letter to get my retirement extension of stay approved for one year. Sure was easier, cheaper, and faster than doing the embassy letter thing which I had been doing up until last year's extension.

Edited July 8, 2012 by Pib

[lopburi3]

Sure was easier, cheaper, and faster than doing the embassy letter thing which I had been doing up until last year's extension.

But only if you have kept 800k in such an account for previous 3 months.

[Pib]

Sure was easier, cheaper, and faster than doing the embassy letter thing which I had been doing up until last year's extension.

But only if you have kept 800k in such an account for previous 3 months.

Yeap...decided to keep that much in Thailand for emergencies/big buys...and I definitely get better interest in the Thai fixed account than I get from U.S. savings accounts...plus the Thai account is insured up to B1M at least. It also makes me feel good not to be forking over $50/B1600 for the embassy issued income letter. I think when the embassy raised the income letter cost to B1600 and being able to get 3.75% interest on a fixed account finally pushed me to setup my emergency money fund in Thailand to kill several birds with one stone. Cheers.

[crazygreg44]

Sure was easier, cheaper, and faster than doing the embassy letter thing which I had been doing up until last year's extension.

But only if you have kept 800k in such an account for previous 3 months.

Yeap...decided to keep that much in Thailand for emergencies/big buys...and I definitely get better interest in the Thai fixed account than I get from U.S. savings accounts...plus the Thai account is insured up to B1M at least. It also makes me feel good not to be forking over $50/B1600 for the embassy issued income letter. I think when the embassy raised the income letter cost to B1600 and being able to get 3.75% interest on a fixed account finally pushed me to setup my emergency money fund in Thailand to kill several birds with one stone. Cheers.

How can 800K be an "emergency" immediate fund when it is inside a fixed account at 3,75% ( hey this sounds like a big good deal!!) or can you withdraw in case of emergency immediately ?

[lopburi3]

Fixed account just means you will not get interest if you withdraw before the set period - you can always remove the initial deposit.

[Pib]

How can 800K be an "emergency" immediate fund when it is inside a fixed account at 3,75% ( hey this sounds like a big good deal!!) or can you withdraw in case of emergency immediately ?

No, I can go pull the money whenever I desire, however but, if I withdraw the money before the end of the term (11 months for the particular fixed saving account I have with Bangkok Bank) I could lose the part or all of the higher 3.75% internet rate. In my case if I withdraw within 3 months of opening the fixed account/making the deposit the bank will not pay any interest, and if I withdraw after 3 months but before maturity (11 months in my case) the banks pays the standard savings account interest rate which is currently south of 1%.

So, to ensure I earn at least the standard savings rate I just need to ensure I don't withdraw within 3 months. All types of fixed accounts at different rates offerred by different banks...some run for 3 months, some 4 months, some 6 months, some 11 months, some 12 months, etc...etc...etc....usually the longer the term the higher the interest rate....and usaully the same general rules apply: to avoid loosing all interest earned don't withdraw within 3 months and withdrawing between 3 months and maturity you will end up just earning the standard saving account rate. And in my case if I don't go back at the 11 month maturity point and pick another fixed saving account offer, they just start paying the rate for a 3 month fixed account which I can also withdraw at any time.

Come the 11 month maturity point I will look and see what the best deal of the day is interest- and term-wise and roll the money into that deal...now, I'm not changing the account number or anything, just the fixed account deal of the day the money is tied to....and at no point does the money drop below B800K requirement in the account which is needed to get a retirement extension of stay.