Getting the Retirement Extension -- Can a Fixed Deposit be Used to Show the 800K?

[NavaJauvana]

Hello,

I have been getting my annual extensions by showing Immigration 800K Baht in a Savings Account with a letter from my bank. Immigration also wants to see a Withdrawal on the day they issue an extension, to make sure the balance is there on that day. This year, due to circumstances, i may need to go below 800K in my savings account during the "seasoning" period. However, i have 2 million in a Fixed Deposit in the same Thai bank. My question is, does Immigration accept this as proof of solvency equal to a Savings account? My second question is more technical. My fixed deposit completes its cycle on month before i need to go into Immigration for the annual renewal. Should i leave the money in the Fixed Deposit until the day i go into Immigration, and then withdraw some of it so that there is an entry in the Passbook showing the balance is over 800K on the day i want to renew my extension? If i money in my Savings account 1 month before i go into Immigration, and show them it was in my Fixed Deposit for many months before that, they probably will not like that....they want to see the money in one account for 3 months prior to the extension. So what is the best way to manage this? 2 million in Fixed Deposit, comes due one month before i need to show the money to Immigration. Thanks for your time and creative thinking.

[Lite Beer]

Yes they usually accept fixed deposit accounts.

My own personal experience is that I had to top it up by 1,000 Baht last time round to get the bank book up to date.

[lopburi3]

As long as it is a normal passbook type cash fixed deposit it should be fine and you should be able to have bank teller make an updated entry on passbook to take care of current balance but doing as you suggest should be fine (take out a little).

[merijn]

Yes a fixed account with bank book is accepted as long it is updated before the application.

[culicine]

Are fixed deposits also accepted when used in conjunction with pension or other income?

[lopburi3]

Don't recall any specific reports but should be treated the same I would think.

[NancyL]

Chiang Mai Immigration does accept fixed deposits, if the account is the type where you can withdraw your money at any time, albeit with an interest penalty. They won't accept time accounts, which some Thai banks have. These offer a higher return that the fixed deposits, and usually invest in something like a mutual fund. The money is definitely not available to the depositor until the period is over, even with an early withdrawal penalty.

I know someone who opened this type of account, thinking he was really clever because he asked the branch manager if they would give him a letter for immigration and they said yes. What he didn't realize was that the letter did verify the deposit, but also stated that he wouldn't be able to withdraw the funds until the deposit period ended -- five months after his visa extension. CM Immigration refused to accept this account.

[ttwitt]

say difference is 1% on a real time deposit.

1% of 800000= 8000 baht enough for a few visa run flights.

might have to switch. hate airports though.

[citi]

Chiang Mai Immigration does accept fixed deposits, if the account is the type where you can withdraw your money at any time, albeit with an interest penalty. They won't accept time accounts, which some Thai banks have. These offer a higher return that the fixed deposits, and usually invest in something like a mutual fund. The money is definitely not available to the depositor until the period is over, even with an early withdrawal penalty.

I know someone who opened this type of account, thinking he was really clever because he asked the branch manager if they would give him a letter for immigration and they said yes. What he didn't realize was that the letter did verify the deposit, but also stated that he wouldn't be able to withdraw the funds until the deposit period ended -- five months after his visa extension. CM Immigration refused to accept this account.

As far as I know, fixed deposit will have higher interest rate until the given maturity date . As said, you are not allowed to add or withdraw money from fixed deposit account during the agreed period unless you pay high interest penalty. If that is the case, it is no point to use fixed deposit account for visa extension. Is my reasoning correct?

[Mario2008]

As long as you can withdraw the money, with or without a penalty, the account should be approved. Accoutns where you can not touch the money for a fixed period are the ones not allowed.

[citi]

As long as you can withdraw the money, with or without a penalty, the account should be approved. Accoutns where you can not touch the money for a fixed period are the ones not allowed.

Do you know the reason why the fixed deposit account must be updated (i.e. withdrawl or addition of money) for applying visa extension? The fixed deposit passbook can be updated to show the same amount of money remaining in the account all the time.

[MichaelJohn]

My experience is that they accept Fixed Deposit that you have instant access to (irrespective of a penalty) but not Fixed Deposits where notice is required or there is a term you cannot have you money before a set date.

I got caught with my money in a 12 month account that you couldn't withdraw from - in fairness they gave me a 60 days extension so I had to run to the bank and sort things out - but they didn't refuse.

[Mario2008]

They want confirmation what the amount in the bank account is on the day of applying. That is the reason why many people make a deposit or withdrawal, so the book is updated.

As long as you can withdraw the money, with or without a penalty, the account should be approved. Accoutns where you can not touch the money for a fixed period are the ones not allowed.

Do you know the reason why the fixed deposit account must be updated (i.e. withdrawl or addition of money) for applying visa extension? The fixed deposit passbook can be updated to show the same amount of money remaining in the account all the time.

[citi]

Thanks. I have to follow the rule i.e. the agreed term must be completed at least 2 months before applying visa extension.

[lopburi3]

The requirement is the funds must be in account for 60 days or three months prior to application for Thai wife/retirement extensions of stay. There is nothing about "agreed term".

[KhunBENQ]

Just a heads up:

a fixed deposit account will be continued automatically as normal saving account after the interest due date.

If the due date is within the 3 (2) month seasoning period: do not transfer the money to a new (fixed deposit) account,

but let the account "season" until you apply for extension.

Some people got into trouble just for moving the money from one account to the other (some immis are fussy).

[NancyL]

Chiang Mai Immigration does accept fixed deposits, if the account is the type where you can withdraw your money at any time, albeit with an interest penalty. They won't accept time accounts, which some Thai banks have. These offer a higher return that the fixed deposits, and usually invest in something like a mutual fund. The money is definitely not available to the depositor until the period is over, even with an early withdrawal penalty.

I know someone who opened this type of account, thinking he was really clever because he asked the branch manager if they would give him a letter for immigration and they said yes. What he didn't realize was that the letter did verify the deposit, but also stated that he wouldn't be able to withdraw the funds until the deposit period ended -- five months after his visa extension. CM Immigration refused to accept this account.

As far as I know, fixed deposit will have higher interest rate until the given maturity date . As said, you are not allowed to add or withdraw money from fixed deposit account during the agreed period unless you pay high interest penalty. If that is the case, it is no point to use fixed deposit account for visa extension. Is my reasoning correct?

If you don't anticipate needing the money, yes there is a "point" with a fixed deposit account -- you earn a higher interest rate. I've never had to deposit or withdraw funds from mine to get a letter from Bangkok Bank -- they simply update the passbooks at the same time they do the letter.

[lopburi3]

It was never an issue at Bangkok Bank for me either. It appears this is an issue with K bank saying they can not update passbooks without a transaction (from a number of reports here). Although I know for a fact that they can (although it did take the employee almost five minutes to complete the action at order of manager - so can understand why they say not able to do).

[uptheos]

Chiang Mai Immigration does accept fixed deposits, if the account is the type where you can withdraw your money at any time, albeit with an interest penalty. They won't accept time accounts, which some Thai banks have. These offer a higher return that the fixed deposits, and usually invest in something like a mutual fund. The money is definitely not available to the depositor until the period is over, even with an early withdrawal penalty.

I know someone who opened this type of account, thinking he was really clever because he asked the branch manager if they would give him a letter for immigration and they said yes. What he didn't realize was that the letter did verify the deposit, but also stated that he wouldn't be able to withdraw the funds until the deposit period ended -- five months after his visa extension. CM Immigration refused to accept this account.

As far as I know, fixed deposit will have higher interest rate until the given maturity date . As said, you are not allowed to add or withdraw money from fixed deposit account during the agreed period unless you pay high interest penalty. If that is the case, it is no point to use fixed deposit account for visa extension. Is my reasoning correct?

If you don't anticipate needing the money, yes there is a "point" with a fixed deposit account -- you earn a higher interest rate. I've never had to deposit or withdraw funds from mine to get a letter from Bangkok Bank -- they simply update the passbooks at the same time they do the letter.

Same, KSK branch Chiang Mai.

[ttwitt]

say ur accnt is in bkk and you want to live/extend in chiang mai, will the branch make you go to where your account is held to get the letter? i.e. waste baht for airfare there and back if you have to do it within the day or two validity requirement.

[ubonjoe]

Most banks now will give you the letter at any branch. Some though may make you wait for it if not at that branch.

[ttwitt]

Most banks now will give you the letter at any branch. Some though may make you wait for it if not at that branch.

thanks.

[lopburi3]

You really should consider changing banks (once seasoning of funds is not an issue) as every transaction out of area gets fees under the Thai system of banking.

[Pib]

Just a heads up:

a fixed deposit account will be continued automatically as normal saving account after the interest due date.

If the due date is within the 3 (2) month seasoning period: do not transfer the money to a new (fixed deposit) account,

but let the account "season" until you apply for extension.

Some people got into trouble just for moving the money from one account to the other (some immis are fussy).

To me when you say a "normal" Thai bank savings account I think the kind that only pays around 0.75%, comes with an ATM/debit card, etc...but the key is it pays around 0.75%. I expect it may vary among banks but at Bangkok Bank when a fixed termed saving account matures and the account holder doesn't give any instructions then it's automatically rolled over into a 3 month fixed saving account...the account number stay the same with no change in the passbook...it's just now earning interest as a 3 month fixed term account which at Bangkok Bank is currently paying 1.625%.

So, say a person had a 10 month fixed term paying 3%...when it matured after 10 months and the person didn't provide the bank any additional instructions/come in and roll it over to another fixed term account of his choice, the account is automatically rolled over to a 3 month fixed term. A person can still immediately withdraw/access the funds but you may lose some or all of the interest earned. See this Link

I've been using the fixed account approach for the last two years in my retirement extensions of stay. 100 baht to get the bank letter, takes about 5-10 minutes to get the letter; sure beats a trek to the home country embassy to pay $50 for an income letter. During my first fixed term account (11 month one I think) it matured about a month before my yearly extension renewal and I thought by rolling over the matured money into another term period (I think I choose a 7 month term as it was the best deal of the day) I thought the passbook/account number would stay the same, but it didn't...I got a new account number and passbook with the previous account/passbook being closed. Oh crap, one month before renewal time and I can't show having at least 800K baht seasoned for 3 months.

But what I did is got the bank letter the day of my extension application (I'm doing this at the Bangkok/Chaeng Wattana immigration and the Bangkok Bank branch is the same govt building). The bank letter only reflected the one active account which was only opened a month earlier from the rollover of funds from the matured account, but I what I did is just attached a copy of the closed passbook along with the new account passbook. The immigration officer spotted the new account did not have the money in long enough for the 3 month seasoning period but I pointed out how the money had just been rolled over from my closed fixed account to the new fixed account...I pointed out/showed the immigration officer where the money had been transferred to the exact stang from the old account to the new account on the same day....and the officer saw the money had been in the old account for 10 months plus 1 month in the new account. That satisfied the officer and extension approved without any reservation any additional discussion at all. However, in the future I plan to try to avoid rolling money from one fixed account to another "within that 90 day seasoning period" just in case the next immigration officer has a different opinion....if I get caught in that situation again, I'll just let it earn 3 month fixed term interest during that 90 days or less seasoning period.

[ttwitt]

You really should consider changing banks (once seasoning of funds is not an issue) as every transaction out of area gets fees under the Thai system of banking.

these various banks are stealing so much from me that i cant do anything about, that the 15 baht for 20000 withdrawal seems insignificant. TT into bkk account also doesnt incur an additional fee to then transfer it to the province bank, am in bkk or elsewhere frequently enough to not make a provincial account viable.

[citi]

Just a heads up:

a fixed deposit account will be continued automatically as normal saving account after the interest due date.

If the due date is within the 3 (2) month seasoning period: do not transfer the money to a new (fixed deposit) account,

but let the account "season" until you apply for extension.

Some people got into trouble just for moving the money from one account to the other (some immis are fussy).

To me when you say a "normal" Thai bank savings account I think the kind that only pays around 0.75%, comes with an ATM/debit card, etc...but the key is it pays around 0.75%. I expect it may vary among banks but at Bangkok Bank when a fixed termed saving account matures and the account holder doesn't give any instructions then it's automatically rolled over into a 3 month fixed saving account...the account number stay the same with no change in the passbook...it's just now earning interest as a 3 month fixed term account which at Bangkok Bank is currently paying 1.625%.

So, say a person had a 10 month fixed term paying 3%...when it matured after 10 months and the person didn't provide the bank any additional instructions/come in and roll it over to another fixed term account of his choice, the account is automatically rolled over to a 3 month fixed term. A person can still immediately withdraw/access the funds but you may lose some or all of the interest earned. See this Link

I've been using the fixed account approach for the last two years in my retirement extensions of stay. 100 baht to get the bank letter, takes about 5-10 minutes to get the letter; sure beats a trek to the home country embassy to pay $50 for an income letter. During my first fixed term account (11 month one I think) it matured about a month before my yearly extension renewal and I thought by rolling over the matured money into another term period (I think I choose a 7 month term as it was the best deal of the day) I thought the passbook/account number would stay the same, but it didn't...I got a new account number and passbook with the previous account/passbook being closed. Oh crap, one month before renewal time and I can't show having at least 800K baht seasoned for 3 months.

But what I did is got the bank letter the day of my extension application (I'm doing this at the Bangkok/Chaeng Wattana immigration and the Bangkok Bank branch is the same govt building). The bank letter only reflected the one active account which was only opened a month earlier from the rollover of funds from the matured account, but I what I did is just attached a copy of the closed passbook along with the new account passbook. The immigration officer spotted the new account did not have the money in long enough for the 3 month seasoning period but I pointed out how the money had just been rolled over from my closed fixed account to the new fixed account...I pointed out/showed the immigration officer where the money had been transferred to the exact stang from the old account to the new account on the same day....and the officer saw the money had been in the old account for 10 months plus 1 month in the new account. That satisfied the officer and extension approved without any reservation any additional discussion at all. However, in the future I plan to try to avoid rolling money from one fixed account to another "within that 90 day seasoning period" just in case the next immigration officer has a different opinion....if I get caught in that situation again, I'll just let it earn 3 month fixed term interest during that 90 days or less seasoning period.

Yes, whole thing is clear and that's what I am planning to do i.e. 9 months fixed terms and 3 months before applying visa extension.

[Robby nz]

Havent read all the posts on this but I do have the form in front of me with the requirements for a retirement visa.

Requirement 6. Proof of financial statement or pension

6.1 Certified letter from a bank and copy of bank account ( savings or fixed account )

So all you need is the fixed deposit book and a certified letter from the bank ( preferably dated on the day of the application) saying the money is in that account.

[lopburi3]

Flame removed.