change Bank account 2 month before renew Retirement visa

[prepress]

I have to renew my retirement visa on 12. December 13.

I know a minimum of 800,000 Baht must be on the account for the last 3 month before renewal.

If I change this account to a new fixed deposit (with higher interest) the bank will close the existing account and give me a new account and passbook.

Will this get me any problems when renew my retirement on December 12 ?

[ubonjoe]

It would be best to wait until after you do your extension..

There have been reports of denying extensions for changing accounts during the 90 days.

[prepress]

It would be best to wait until after you do your extension..

There have been reports of denying extensions for changing accounts during the 90 days.

Thanks for your advice. I don't want any problems.

[BobTH]

I went to immigration yesterday in Bangkok at Division1. This year I renewed my SCB Bank fixed account on June 25th which like your example was rolled directly over from a previous matured fixed account. So actually the money had been in this bank for almost two years but in the new account only 3 months and two days. The officer asked to see my passbook and she already had the copies of it in front of her. She really looked closely at the dates and I could tell she noticed it was close but she finally said ok and granted the extension based on everything was in order. Before leaving I asked her if I could ask her a question and she replied sure. I had my previous passbooks with me and I asked her if I could use two of them to equal the 3 month period needed for the extension of stay. Her reply was yes, but only if both accounts are from the same bank and the passbooks show clearly that the money was rolled over from one to the other on the same day. Please do not use this reply as I am afraid that different officers might interpit this in different ways but this is what I was told. Perhaps you can do more checking into it or calling immigration yourself and hearing it with your own ears. I only replied because I had asked your question at the Bangkok Immigration the day before your post. Next year I plan to try this myself because my present fixed account will mature about 1 month before I have to renew my extention of stay and I now have another account that will have the required seasoned money to fall back on if the first is rejected.

[meatboy]

It would be best to wait until after you do your extension..

There have been reports of denying extensions for changing accounts during the 90 days.

Thanks for your advice. I don't want any problems.

twice it has happened to me,bkkb and scb.both times they matured one month before my extension,as i didnt give them any instructions they stamped the book balance bf.then put it into a holding acc.showing date balance and the int.rate in the same passbook.dont forget dont throw the pass books away till after youve claimed the tax back.

[MYKTHEMIN]

It would be best to wait until after you do your extension..

There have been reports of denying extensions for changing accounts during the 90 days.

Thanks for your advice. I don't want any problems.

twice it has happened to me,bkkb and scb.both times they matured one month before my extension,as i didnt give them any instructions they stamped the book balance bf.then put it into a holding acc.showing date balance and the int.rate in the same passbook.dont forget dont throw the pass books away till after youve claimed the tax back.

How do you claim the tax back?

[bluemoon58]

Whatever you do, WAIT until after you have renewed Prepress. Trust me, I know....

[KhunBENQ]

I would not change the account within the threee month period.

You get too much dependent on goodwill at the immi office.

Technically they only accept ONE account over this period for consideration and don't like to do the math.

Their protocol contains only room for one account which should fulfill the rules.

Just my opinon, don't want to doubt the other reports about rolling over from one account to the other at the same bank.

(OK by common sense, but common sense is not a bureaucratic guideline )

Unfortunately the written rules (777/2551) are very vague, so there must be some kind of detailed guideline for

the immigration officers of which the content is not known to me.

Edited September 28, 2013 by KhunBENQ

[meatboy]

It would be best to wait until after you do your extension..

There have been reports of denying extensions for changing accounts during the 90 days.

Thanks for your advice. I don't want any problems.

twice it has happened to me,bkkb and scb.both times they matured one month before my extension,as i didnt give them any instructions they stamped the book balance bf.then put it into a holding acc.showing date balance and the int.rate in the same passbook.dont forget dont throw the pass books away till after youve claimed the tax back.

How do you claim the tax back?

go to the banking forum i posted last week,also there is a load of info mine and other members claiming it back,

[bank interest rates]

[Nowhereman60]

If it was me I wait.

[Pib]

I rolled over a matured fixed account to another fixed account one month before my annual retirement extension application. It was my first rollover to a new fixed account and I thought the account number/passbook would stay the same but didn't realize until they handed me back my old/cancelled passbook and my new passbook with new account number how it really worked. I thought to myself I may have just screwed myself and will have to go the embassy income letter route again.

But what I did was when I handed the bank letter (which only reflected the one active fixed account) to the Chaeng Wattana/Bangkok immigration officer I attached the required copies of the current passbook "along with copies of the old/closed passbook." The officer immediately spotted the money in the account was not seasoned the required 3 months but then I pointed out how I had rolled over the money (to the exact stang) from an old fixed account to the new fixed account on the same day/time and pointed out those entries in the old and new passbook....she said OK...extension approved.

However, I don't plan on doing it again because the next immigration officer may have a different view of the situation. The next time timing for annual extension and fixed account maturity date conflict with the money seasoning requirements and the account automatically rolls over to the 3 month fixed term (no account/passbook change when this happens), I'll just let the matured money set for X months and just earn the 3 month fixed term interest which ain't bad (especially when compared to what I would get in my home country or a regular Thai savings account) and then I go in to the bank and pick the best fixed account term to roll my money into.

Regarding how to obtain a refund of the 15% tax withholding on most fixed accounts, go to this ThaiVisa thread for my Jan 2013 description on how to do it. Easy process...simple & easy paperwork....for most folks it seems to take 2 to 6 weeks from refund application till you get the refund via check or cash.

[Muggi1968]

Two years ago I did this 2.

The new 1 year extension (marriage extension) was denied because the money only had been

in the new book.for 2 month :-(

So I had to do a visa run....

P.s
Immigration upcountry can be a little difficulty to handle... :-)

(2 month later Immigration told me that I had to go and extract 500 Bath from my account so they

would be sure that my Fixed account was up to date )

Now I do all my visa stuff in Bangkok :-)

Edited September 28, 2013 by Muggi1968

[jitenshaman]

I just got my retirement visa renewed and had just changed accounts (from one matured CD to a new higher interest one) a week earlier. Absolutely no problems whatsoever. Immigration official could clearly see what had happened, and even said it wasn't an issue when I showed her the changes. I think the main stickler on the issue is the accompanying letter you need from your bank. When I asked at Bangkok Bank for a letter for immigration I was told I'd have to wait a day before I could open the new account (the letter needs to be for the old account which is more than 3 months old) and close the old one. Immigration was far more concerned with the letter than the passbooks. They just checked to make sure that everything was properly signed and outlined according to specs.

[Pib]

For me, the immigration officer only looked at the bank letter for a second (I mean literally a second)...but concentrated on the passbook(s) closely for the amount and seasoning period requirements. The bank letter is nothing more than another piece of paper to help reduce the cases of where people try to use fake documents or use altered passbooks....the bank letter says nothing about meeting any seasoning period or meeting a certain minimum funding requirements...it just says you have an active bank account number so and so with X-amount in it on the date of the letter....the passbook is the key document.

Edited September 28, 2013 by Pib

[Tchooptip]

I am in my first year retirement visa, the visa was delivered by the Thai embassy in Paris with the money on a French bank account, at the end of this year "if" I go back to France, let's say for one month I know could ask for another year on retirement visa with the money still on a French bank.

It's seems to me one could do that only 2 years in a row, after the money is bound to be on a Thai account, am I correct?

I hope it is not too much off topic

[JohnSais]

I have been living in Thailand for the past 4 Years.

I never had ฿400,000 in the Bank, I am living on my English O.A.P.

At a Pattaya Visa shop I was told that for ฿20,000 I could get a Retirement Visa for 1 Year.

They deposited ฿800,000 in my Bank account to give me the Visa then they took their money back'

I had a legal Visa. After 1 Year which is just up, I am now living in Samut Prakan, where the Immigration

people asked me how much I paid for the Visa I told them ฿20,000, they have just given me a new Retirement

Visa for a total cost of ฿8,000, the only income I have is my O.A.P. which the British Embassy verified by letter

at a cost of ฿2,400.

[ubonjoe]

I am in my first year retirement visa, the visa was delivered by the Thai embassy in Paris with the money on a French bank account, at the end of this year "if" I go back to France, let's say for  one month I know could ask for another year on retirement visa with the money still on a French bank.

It's seems to me one could do that only 2 years in a row, after  the money is bound to be on a Thai account, am I correct?

I hope it is not too much off topic  

You apparently have a OA visa. If it is a multiple entry you get a one year every time you enter the country and be doing an entry just before it expires you will get another year. Meaning you would get another year without a new visa. Then after visa expires you would need to get a re-entry permit at immigration if you want to travel.

There is no limit on how many times you can get the visa.

[lopburi3]

I have been living in Thailand for the past 4 Years.

I never had ฿400,000 in the Bank, I am living on my English O.A.P.

At a Pattaya Visa shop I was told that for ฿20,000 I could get a Retirement Visa for 1 Year.

They deposited ฿800,000 in my Bank account to give me the Visa then they took their money back'

I had a legal Visa. After 1 Year which is just up, I am now living in Samut Prakan, where the Immigration

people asked me how much I paid for the Visa I told them ฿20,000, they have just given me a new Retirement

Visa for a total cost of ฿8,000, the only income I have is my O.A.P. which the British Embassy verified by letter

at a cost of ฿2,400.

You obtained an extension of stay for requirement for that 20k payment - as it was not legally obtained using your funds it was never legal. You now have another extension of stay for retirement it seems so if you have an income of 65k per month that would cover it or a combined income and bank account of 800k per year that would cover it (and cost at immigration would be 1,900 baht for actual extension). Not sure of what you actually have now but it is not a visa. If married to a Thai it could be a Thai wife extension at lower financials.

[khunPer]

I would wait till after my retirement renewal. Best to have a clear minimum 3 month.

[Sceptict11]

JohnSais

A UK OAP amounts to approx £5200pa or approx 255000bht/year.

Insufficient to meet the requirements of an extension of stay based on retirement/marriage.

Something odd about this story.

Edited September 28, 2013 by Sceptict11

[merideur]

Hi Pib,

Thks for your interesting topic

Just one thing : Can you tell me at which bank you have time deposit account with 3.75% interest PA

I have more than 1,2 M Baths at Kungskri BK Pattaya on 6 months term and I only got 2% PA minus 15% tax

Thanks for your help

Warm regards

Merideur

[lopburi3]

Bangkok Bank offers 3.25% on 15 month deposits of 200k or more until 16th of next month and that has been running for more than a month I believe. I believe there are offers of 3.75% available at other banks.

[tonyPhuket]

This is what I did last year. Phuket immigration had rejected my marriage visa extension because the very slight error I made has greatly given them a real joy to reject it. My strong recommendation is not to make the account transfer - not even within the same bank until your extension should be granted first. Good luck

[Pib]

Hi Pib,

Thks for your interesting topic

Just one thing : Can you tell me at which bank you have time deposit account with 3.75% interest PA

I have more than 1,2 M Baths at Kungskri BK Pattaya on 6 months term and I only got 2% PA minus 15% tax

Thanks for your help

Warm regards

Merideur

You must be referring to my Jan 13 post on my withholding tax refund for 2012...I did have a Bangkok Bank 3.75% fixed account which matured in 2012...then I rolled over into a 5 month 3.25% fixed term which has matured....then I rolled over into a 7 month 2.75% fixed term which has matured...then I rolled over into my current Bangkok Bank 15 month 3.25% fixed term. And this time I rolled the money over/broke the fixed term up into a couple of deposits on the same account at 15 month/3.25% in the outside case like an emergency pops up and I need some big money fast...if I only have to pull some money it will only affect the interest rate on "one of the deposits, not both.

Fixed term bank interest rates have come down over the last year or so with the Bank of Thailand lowering its interest rate...but still a heck of a lot higher than I could get in my home country. Whenever my fixed account matures I see which Bangkok Bank promotions are the best deal....it varies....they usually have 2 or 3 fixed term promotions which clearly are better deals interest rate wise but are only open for signup around 2 months and new promotions come out...preaching to the choir I'm sure. This coming Jan 14, I will be filing for the 15% withholding tax for the 5 month and 7 month accounts both of which matured in 2013.

[mahjongguy]

- I completely agree on keeping things simple for Immigration. For the OP, the amount of two months lost interest might be as little as 2,000 baht. Not worth much stress or aggravation.

- Since Americans have to pay tax on Thai bank interest anyway, they can choose to let Thailand keep the 15% withholding and claim that amount as Foreign Tax Paid. No need to file a Thai tax return in order to reclaim the withholding. Note: when doing this, remember to claim the full amount of interest you earned, not just the amount you were paid.

[Pib]

- I completely agree on keeping things simple for Immigration. For the OP, the amount of two months lost interest might be as little as 2,000 baht. Not worth much stress or aggravation.- Since Americans have to pay tax on Thai bank interest anyway, they can choose to let Thailand keep the 15% withholding and claim that amount as Foreign Tax Paid. No need to file a Thai tax return in order to reclaim the withholding. Note: when doing this, remember to claim the full amount of interest you earned, not just the amount you were paid.

You are only eligible for a credit if you exercise remedies available to reduce the foreign tax such as filing the simple refund request and the request was disapproved (which it won't be). Below is a quote from the IRS tax credit form instructions.

Quote.

Foreign Taxes Not Eligible for a Credit. You cannot take a credit for the following foreign taxes. 1.Taxes paid to a foreign country that you do not legally owe, including amounts eligible for refund by the foreign country. If you do not exercise your available remedies to reduce the amount of foreign tax to what you legally owe, a credit for the excess amount is not allowed.

End Quote.

Sent from my tablet

[mahjongguy]

That's a good catch, Pib. Well, for 2013 the amount withheld is too small to be bothered with but for 2014 it will be $100 or more. Happily, the Revenue office for Pattaya is just a short walk down Jomtien Second Road from the Hanuman intersection.