Deposit account as opposed to current account

[PAWNEESE]

I tried to renew my retirement visa at Jomtien immigration office today.

My application was rejected due to my 1 million baht Thai account being a deposit account as opposed to a current account.

I opened the account 10 months ago specifically to make renewal easy.

I went away stunned. I consulted 3 visa agents who had no explaination either but could sort it for tens of thousands of baht. One said he only got 500 of that .. the rest going to "contacts". Enough said.

I went back to the I migration office. The falang assistant said they dont accept that bank (Kasikorn). Perhaps I miss heard !!!!! He suggested I ask the "boss" ... the miserable one who give out waiting list numbers who looked at my passbook from 3 feet away and said they dont accept term deposits. Current accounts books are identical so he confused me as I had not explained the problem.

Anyone able enlighten me ?

My main motivation is to warn others who perhaps dont leave time for a plan B.

[lopburi3]

There seems to be a bit of confusion here as current accounts are not accepted. The requirement is savings account. What exactly did you have for an account? Was it cash or fund type? At what interest for how long? It could be withdrawn fully at any time at the 1 million in baht cash?

[PAWNEESE]

Many thanks your kind reply.

I regard my weekly/daily use account as a current account but you are right it may officially be a savings account ... I think 0.75 annual interest. I was a bit loose with that term.

I had asked my bank for a better interest account and was pointed towards the one I have ... Reading the small print only now it is indeed a "Fund". 3.25 percent for 1 year.

That is the problem ? Fund accounts not accepted ? I was to be honest guided by the bank and it did not register any possible problems. Perhaps the "boss" seeing a K bank pass book knew the problem immediately as he knew they "sell" term accounts alot to customers looking for a reasonable interest. I not whingeing just could not get head round what I did wrong.

3 weeks left for me to pay a visa agent or get to BKK Embassy to get an income letter. Grrrrr moan moan whinge whinge (joke).

Thanks again.

I

[Maestro]

Kasikorn bank also has regular time deposit accounts. The cover of the book for the Fund account probably has a different colour.

[ubonjoe]

It seems the income letter is the best route. I am certain that will be considerably less costly than an agent. Plus you will have an extension you know is legitimate.

[meatboy]

Kasikorn bank also has regular time deposit accounts. The cover of the book for the Fund account probably has a different colour.

there was a problem with kasikorn bank unable to update a fixed acc.not long ago for immigration purposes, i have my extension money in fixed accs.the last 4yrs.and have never had a problem.bangkok bank will update your balance at any time with the corresponding letter on fixed accs.so get it out of kasikorn and put it into bkk.bank i still think they are giving 3.25% over 15months. i cant see how you have this problem if the balance 3months ago is the same as what it is now.

[lopburi3]

The issue is fund accounts are not cash and would have to be converted to cash to be withdrawn and may have restrictions or lose value. FD accounts are for a specific time period but can be withdrawn at any time with only loss of interest.

[AyG]

The issue is fund accounts are not cash and would have to be converted to cash to be withdrawn and may have restrictions or lose value. FD accounts are for a specific time period but can be withdrawn at any time with only loss of interest.

I could be wrong, but isn't it the case that fund accounts aren't actually accounts with the bank, but with the bank's asset management company - in this case Kasikorn Asset Management. The bank purely acts as a sales agent. In other words, these accounts aren't bank accounts.

[KhunBENQ]

Pitfalls of the Thai banking system.

Banks will sell you the "product" that gives them the best commision.

About every time I visit my Bangkok Bank branch., they want to offer me some kind of financial product.

Here in Khon Kaen a Fixed Deposit Account at Bangkok Bank worked fine.

BTW: when will the money be due?

Instead of paying a lot of money to shady tea money agents, you could bridge the time by a visarun (60+30 days with a tourist visa).

Still cheaper.

Edited November 15, 2013 by KhunBENQ

[tgeezer]

I have 500,000 in a term deposit and the balance in a savings account both in Bangkok Bank. Like you see the advantage of stashing the lot in the term deposit for ease of renewal.

Bangkok Immigration accepts that. Seems like a case of bloody minded ness, he could resent the fact that you have the cash spare but is determined that you won't make a better interest on it or he could want you to get an agent to give him a backhander. I would be stunned too, but don't forget most of the compliance in immigration rules is fiddled and earns money, the retirement extension is anomalous in being above board for those of us who can comply with the rules. This has to be irksome to the average official who sees nothing in it for himself.

[oogster8]

It seems the income letter is the best route. I am certain that will be considerably less costly than an agent. Plus you will have an extension you know is legitimate.

Does usa thai embassy accept copies of online bank statements? I emailed them and they didnt answerr the question.

I have the income - but all my statements are email. I dont have hard originals.

Next, will it help if i back up online statements with my usa tax reutrns?

[ubonjoe]

It seems the income letter is the best route. I am certain that will be considerably less costly than an agent. Plus you will have an extension you know is legitimate.

Does usa thai embassy accept copies of online bank statements?  I emailed them and they didnt answerr the question.

 

I have the income - but all my statements are email.  I dont have hard originals.

 

Next,  will it help if i back up online statements with my usa tax reutrns?

The embassy webpage for OA longstay visa states you need a guarantee letter from bank along with statements if using 800k baht option. I would think they could give you proper statements when they do the letter.

See: http://dc.thaiembdc.org/consular/VISA/Non-Imglong.aspx

[KhunBENQ]

I think every bank is obliged to supply you with original account statements on paper (which have the status of a legal document [uncertain about the correct english wording], in German its "Urkunde").

At least this is true for Germany.

Nowadays they are entitled to charge a fee for that (which was not the case in former years when they had to supply written statements at least every three months).

Edited November 15, 2013 by KhunBENQ

[OJAS]

3 weeks left for me to pay a visa agent or get to BKK Embassy to get an income letter. Grrrrr moan moan whinge whinge (joke).

What nationality are you? If British, you can obtain the letter by post, so no need for a trip to Bangkok. Click on https://www.gov.uk/notarial-and-documentary-services-guide-for-thailand and scroll down to the heading "Consular letter confirming pension/income for Thai Immigration" for further info. Although the turnaround time is normally 1-2 weeks, I'd still get your skates on if I were you!

[PAWNEESE]

Many thanks for all the replies especially the last one.

Just got in from posting proof of income to British Embassy. Nearly went to BKK in person being worried about post and admin delays but guess Visa vultures will be still there if postman lets me down. 20k dearest quote 12k the cheapest.

The fog has lifted a lot re what a fund account is and where I went wrong. It ends in Feb and I will be careful to put it into an old fashioned withdraw cash anytime account, especially after a sleepless night annoyed with myself. 10 months of planning an easy visa renewal cruelly blown apart with no explaination.

Thank you all again.

Pawneese is my favourite racehorse in case anyone thinks my forum name odd. Showing my age as it won the Oaks in about 1975.

[lopburi3]

You can get almost as much interest in FD cash accounts without risk - just look for current promotions and be sure it is not called fund.

[lopburi3]

One post removed for expanded discussion of illegal activity details.

[OJAS]

It seems the income letter is the best route. I am certain that will be considerably less costly than an agent. Plus you will have an extension you know is legitimate.

Does usa thai embassy accept copies of online bank statements? I emailed them and they didnt answerr the question.

I have the income - but all my statements are email. I dont have hard originals.

Next, will it help if i back up online statements with my usa tax reutrns?

Presumably you wish to apply for a visa in the USA as distinct from an annual extension of stay in Thailand, and that by "usa thai embassy" you actually mean the Thai Embassy in Washington DC and not the American Embassy in Bangkok?