Retirement Visa - 800,000 Bt Split Account (Fixed & Savings) In 2 Banks

[prepress]

question:

For renew retirement visa I need 800,000 Baht account deposit with a bank in Thailand.

Is it possible to have it split in fixed deposit and saving deposit and/or on two different Thai banks?

Example only:

Bkk Bank Saving 250,000 Baht

Bkk Bank Fixed 500,000 Baht

TMB Fixed 250,000 Baht

Will they accept a combination of this 3 accounts, or must it be only 1 account?

[Lite Beer]

In theory they should but it all depends on who you see at what Immigration office.

You will really have to ask them.

[Jingthing]

Generally using multiple accounts will be accepted I think. This issue I see with your plan is what might be seen as the non-liquidity of the fixed accounts. Yes, you'd need to ask. My information from Jomtien is that they do at least accept multiple regular savings accounts.

[lopburi3]

Fixed cash deposit accounts are normally accepted - what they do not accept are fund type accounts where you can not have direct access to the account balance in cash.

[Pib]

When you get a bank letter it's just saying you have X-amount in the account on day-X; it doesn't say you have at least B800K (or some other minimum amount to meet some extension requirement) seasoned for at least 2 or 3 months depending on the extension. Seems the bank letter is just adding some confirmation to what the passbook(s) reflect.

So, if you have three bank letters from three different fixed or regular savings accounts (probably just two letters since two of the accounts are with the same bank) along with copies of the passbooks showing the required amounts and minimum seasoning period you should be OK.

For the last few years I have been using the bank letter approach with one Bangkok Bank fixed account (the bank letter costs B100 and take about 10 minutes to get...I get it at the Bangkok Bank branch located downstairs of the Bangkok/Cheang Wattana Immigration. On my latest retirement extension just this month I got my bank letter for my fixed account....a new fixed account that was only a few weeks old....I had switched from a 11 month fixed account which had matured to a new 5 month fixed account and Bangkok bank issued me a new account/passbook....I transferred the total amount from the 11 month account to the 5 month account. I didn't expect a new account/passbook to be issued. So, when the bank rep handed me back my new account/passbook along with my previous and now stamp closed account/passbook I was a little concerned this would cause me a problem in a few weeks when applying for my retirement extension due to the seasoning requirement (in my case 3 months)

So, about two weeks later I come to the bank, get my letter which only reflected the new/active fixed account opened just a few weeks ago, got the letter and went upstairs to immigration with the letter and copies of me new fixed account passbook and my old/closed passbook so I could show all the money (over B800K) had been transferred to/used to open the new fixed account. I handed the immigration officer the letter and only the new passbook and she immediately spotted the first and only entry in the new passbook was only a few weeks old...money was not seasoned long enough....then I said, whoops, here a copy of the old/closed fixed account showing over B800K had been transfer from that account on the same day/time in order to open my new account...and that made the immigration happy....about 10 minutes later I walk out the door with my extension. The immigration officer was definitely more concerned about reviewing the passbook entries and probably didn't look at the bank letter more than two seconds. So, in a round about way I showed I met the B800K requirement via two fixed passbooks with different accounts numbers, with one account being closed but showing seasoned and required amount of money and the other/new account just showing the required amount.

But just to stress one point in my example, my new account showed the exact same opening amount on the same day as the transferred amount on the closing day on the old/closed account....it was clear the money from the old account had been used to open the new account....there was no break in time. Now I expect if I had took the money in cash from the old account, went home, and then came back the next day to open the new account with the money from the closed account then I would have just destroyed my 3 month seasoning period requirement. Would have then had to go to the U.S. Embassy and fork out $50/B1600 for an income letter. I much prefer a quick & easy B100 bank letter fee over a trip to the embassy for a B1600 income affidavit fee. Plus the fixed account money serves as an emergency money fund and definitely draws more interest that I can get in a U.S. short term savings account or checking account.

As mentioned the accounts need to be the type where you can immediately access them for cash. Of course a regular savings account meets that requirement and a fixed account does also since you can also immediately withdraw cash from a fixed account but unfortunately you lose the interest....would be a shame to say have a 12 month fixed account and withdraw some cash at the 11 month, 29 day point (or earlier) and lose all the interest earned.

[prepress]

Thanks everybody, and especially Pib for the extensive report. So, I hope am ok.

[NancyL]

I use multiple accounts for retirement extensions at Chiang Mai immigration every year and know others who do the same thing here. No problems. But, YMMV at other immigration offices.

[purrboat]

can anyone tell me how strict or is it even an issue as far as US felony convictions to get an O retirement visa?

[lopburi3]

Although it may not be an issue (but likely would for O-A retirement visa) entry into Thailand would likely not be legal per below even if a visa was issued (however they might view a felony drunk driving in a different light than drug dealing).

11. According to the Immigration Act of Thailand B.E. 2522 (1979), foreigners who fall into any of the following categories are prohibited to enter Thailand:

...........

(6) Having been imprisoned by judgment of the Thai Court; or by lawful injunction or judgment of the Court of a foreign country, except for when the penalty is for a petty offence, or negligence, or is provided for as an exception by the Ministerial Regulations.

[ubonjoe]

The police certificate for a OA visa is basically a wants and warrants check. It is not a criminal records check.

[lopburi3]

Actually it is directly called that by Consulate "a copy of the applicant’s criminal record from the local police department" and "Verification stating that the applicant has no criminal recoded issued from the country of his/her nationality of residence (the verification shall be valid for no more than 3 months)."

http://www.thaiconsulatechicago.org/clate/o-a.html

1. Qualification for the Applicant.

An alien being 50 years of age and above (on the date of submitting an application).

Not being a person prohibited from entering the Kingdom.

Having no criminal record against the security of Thailand and the country of his/her nationality, or the country of his/her residence.

Having the nationality of or the residence in the country where his/her application is submitted.

Not having prohibitive diseases (Leprosy, dangerous step of Tuberculosis (T.B.), Elephantiasis (step that causes disgust to the society), Drug addiction, Third step of Syphilis) as indicated in the Ministerial Regulation No. 14 (B.E. 2535).

Not being allowed to work in Thailand.

[paddypower]

Pib: Thanks for the detailed report.

This is a bit off-topic, but bear with me.

You have commented on what is the most flexible way to invest spare cash in a bank so as to earn the maximum interest income.

My wife ( who piggy-backs on my retirement visa) has just put 700,000 into the bank, savings account, earning .75%.

Today we opened 3 fixed term deposits of 200,000 each, for her, earning 3.45% (you can earn 3.85% for 22 months, but it is not worth the loss of flexibility, imho). and we left the balance as easy-to-access cash in the savings account. Repeating what you wrote, If she needs an extra 100,000 in an emergency, she can draw on one of these fixed deposits, losing only the interest on that one, and not on the whole 600,000.

My situation is the same as most retired's: I have 800,000 in the bank. Up to recently, I left it in savings, stupid me, because every time I asked my Immigration officer could I could I not put it into a fixed account he would shrug his shoulders. Same treaction at the bank. So this post has made my mind up. I will put the 800,000 in an 11 month fixed deposit account at my bank. Thanks again. Pat.

When you get a bank letter it's just saying you have X-amount in the account on day-X; it doesn't say you have at least B800K (or some other minimum amount to meet some extension requirement) seasoned for at least 2 or 3 months depending on the extension. Seems the bank letter is just adding some confirmation to what the passbook(s) reflect.

So, if you have three bank letters from three different fixed or regular savings accounts (probably just two letters since two of the accounts are with the same bank) along with copies of the passbooks showing the required amounts and minimum seasoning period you should be OK.

For the last few years I have been using the bank letter approach with one Bangkok Bank fixed account (the bank letter costs B100 and take about 10 minutes to get...I get it at the Bangkok Bank branch located downstairs of the Bangkok/Cheang Wattana Immigration. On my latest retirement extension just this month I got my bank letter for my fixed account....a new fixed account that was only a few weeks old....I had switched from a 11 month fixed account which had matured to a new 5 month fixed account and Bangkok bank issued me a new account/passbook....I transferred the total amount from the 11 month account to the 5 month account. I didn't expect a new account/passbook to be issued. So, when the bank rep handed me back my new account/passbook along with my previous and now stamp closed account/passbook I was a little concerned this would cause me a problem in a few weeks when applying for my retirement extension due to the seasoning requirement (in my case 3 months)

So, about two weeks later I come to the bank, get my letter which only reflected the new/active fixed account opened just a few weeks ago, got the letter and went upstairs to immigration with the letter and copies of me new fixed account passbook and my old/closed passbook so I could show all the money (over B800K) had been transferred to/used to open the new fixed account. I handed the immigration officer the letter and only the new passbook and she immediately spotted the first and only entry in the new passbook was only a few weeks old...money was not seasoned long enough....then I said, whoops, here a copy of the old/closed fixed account showing over B800K had been transfer from that account on the same day/time in order to open my new account...and that made the immigration happy....about 10 minutes later I walk out the door with my extension. The immigration officer was definitely more concerned about reviewing the passbook entries and probably didn't look at the bank letter more than two seconds. So, in a round about way I showed I met the B800K requirement via two fixed passbooks with different accounts numbers, with one account being closed but showing seasoned and required amount of money and the other/new account just showing the required amount.

But just to stress one point in my example, my new account showed the exact same opening amount on the same day as the transferred amount on the closing day on the old/closed account....it was clear the money from the old account had been used to open the new account....there was no break in time. Now I expect if I had took the money in cash from the old account, went home, and then came back the next day to open the new account with the money from the closed account then I would have just destroyed my 3 month seasoning period requirement. Would have then had to go to the U.S. Embassy and fork out $50/B1600 for an income letter. I much prefer a quick & easy B100 bank letter fee over a trip to the embassy for a B1600 income affidavit fee. Plus the fixed account money serves as an emergency money fund and definitely draws more interest that I can get in a U.S. short term savings account or checking account.

As mentioned the accounts need to be the type where you can immediately access them for cash. Of course a regular savings account meets that requirement and a fixed account does also since you can also immediately withdraw cash from a fixed account but unfortunately you lose the interest....would be a shame to say have a 12 month fixed account and withdraw some cash at the 11 month, 29 day point (or earlier) and lose all the interest earned.