Timed, fixed, CD deposits for marriage and retirement extensions

[fifthcolumn]

I have heard that there is a certain type of timed deposit that can be used for extensions. Could anyone explain this and is it a rock solid rule or do they sometimes get kicked back by Immigration?

So the question is simple. Diffences in types of accounts and which Immigration readily accepts. Also, in either case woild Immigration want to see an additional book that is used for typical deps/wds?

Is this exclusive to BKK, CM and Pattaya where I believe Immigration mostly has it's act together or does say even Krabi or Nan accept this method?

[Lite Beer]

Most Immigration Offices accept a fixed deposit account where the cash is instantly available.

[ubonjoe]

If your local immigration office allows a fixed term account it must be of the type that allowd you remove the funds in it with no delays or penalties other than loss of interest. There are certain types of accounts that are tied to mutual funds, bonds and etc. that do not allow withdrawals until the end of the term.

You should check with your local immigration of office to see what they will accept.

There are also some offices that will want to see another account with activity or proof of income if your account has no activity other than interest payments.

[fifthcolumn]

Ok. Thanks, I got the complicated stuff (tied to bonds, munifunds...). So we are talking just a simple account that all the banks advertise currently about 2.4 for 4mos? Presume its done not on paper but in a passbook and that book is given to you.

Also assume that secured debit card (book held by bank). No good despite you having immediate access to half funds. You get paperwork and book copies.

[KhunBENQ]

Yes you get a passbook for a fixed deposit account (mostly in a different color as a savings account)) but not ATM card of course.

As ubonjoe wrote: good to have an additional "normal" account to proof your source of spending (regular withdraws. money transfers etc.).

With this: no problem in Khon Kaen.

[IMA_FARANG]

You need to check with your local immigration and get their opinion on how they interpret your "fixed rate term account".

This is Thailand, and there are no hard and fast rules.

Although there is a general policy for guidance, in practice, each immigration office has a slightly different interpretation of that guideline

Generally however, the policy is that a fixed rate account or a term account is acceptable.

BUT, and it's a big but, the money should be available for withdrawal with

1. No waiting period required (i.e. you can walk into the bank and withdraw part or all of the funds)

2, No "penalty" for early withdrawals

3. And no "time period" before you are allowed to make a withdrawal.

The rationale for these restrictions is that the funds are supposed to be there for emergency use and if there is a time restriction or a penalty for withdrawal of funds this violates the "emergency use" intent of the funds.

But, as I said, you need to check with your local immigration office BEFORE you make assumptions in your case.

Also, you have to be very careful of their interpretation of the "aging period" for deposited funds.

In most cases the funds will need to be "aged" in your bank account for 60 days before your initial application for your extension/visa, and for 90 days for any annual extension.

Some immigration offices may interpret that to mean that your funds must be available for withdrawal for at least 60 days before your application and for 90 days before any renewal.

That's exactly why, I will say it again, check with your local immigration BEFORE you commit your money to an account.

Better safe than sorry.

Edited February 6, 2014 by IMA_FARANG

[mahjongguy]

In addition to quick accessibility, a second factor is that the money must have no risk to the principal. Stock and bond funds can go down, sometimes drastically. Foreign currency, as well. So, standard fixed accounts are the only types that meet both requirements.

Anyway, the advice given is proper. Ask the office that you deal with, and be prepared to also show a regular account with cash flow.

[fifthcolumn]

Thanks for all that, quite informative.

Imafarang when you state no penalty, you mean you do not pay a price correct? You will lose all the interest, at least in the situations I know of in states although thete were at one in "no penalty cds".

In the end, still seems like it isup to Immigration. One year fine, next not fine.

I guess the upshot is that money sitting in a 2.4% acct -15% os abiut the same as the typical accout = 0.

[ubonjoe]

I assume that the -15% you mention is the tax being deducted. If you have a tax ID number most banks will not deduct it. Also you can file to have it refunded if you have no other income. Info for getting ID number and you can look around revenue departments website for more info. http://www.rd.go.th/publish/16399.0.html

[mahjongguy]

Some of the best fixed account deals available are at the Government Savings Bank but they will not open an account for a foreigner unless you can present a Work Permit. That's because these "special savings" account are not subject to withholding. I am wondering if providing a Tax Identification number would satisfy them.

[meatboy]

Some of the best fixed account deals available are at the Government Savings Bank but they will not open an account for a foreigner unless you can present a Work Permit. That's because these "special savings" account are not subject to withholding. I am wondering if providing a Tax Identification number would satisfy them.

I just had one that matured last month 399days and they did not ask for a work permit but I do have a tax id.card.

[mahjongguy]

Terrific. Thx.

[meatboy]

I have done 5 extensions all with fixed term deposits,not saving accs.but a lump sum,try and make sure if your not going to touch it that it runs over the time your extension is due.eg.my ex.due dec.19th,fixed term matured jan 21st.as you are aware it must be in the acc.for 90days before you go to immigration,and its been mentioned make sure you have a current acc.book with you to show what you are living on.the last time I was asked to show them with proof of where my income was coming from that was in the acc.pass book as a telex.transfer.