Fixed deposit account for retirement extension

[AyG]

If I use a fixed deposit account to hold and season my 800,000 Baht for my extension of stay, will Immigration still require me to make a withdrawal on the day of application? If so, will I lose interest on the whole of my deposit, or just upon the money I withdraw? Indeed, is it even possible to make a partial withdrawal from a fixed deposit account? (The bank websites I've looked at are unclear on this.)

Thanks.

[i claudius]

Thanachart bank allows two a month no loss of interest

[KittenKong]

"If I use a fixed deposit account to hold and season my 800,000 Baht for my extension of stay, will Immigration still require me to make a withdrawal on the day of application?"

Jomtien Immigration have never required me to do this. Bank book showing deposit for more than 3 months, recent copy of bank book from bank, recent letter from bank confirming details in bank book. That's it.

As far as I know the whole purpose of the bank letter is that it confirms that the money has been on deposit for x months and is still on deposit and that the bank book is up to date.

[chiang mai]

You should never be asked to make a withdrawal from a fixed account deposit, just for Immigration Dept proof, it's well established that fixed accounts can be cashed in their entirety (not partially) at any time. As long as you have the letter of confirmation from the bank, you will be OK.

[terry Meltham]

On the same subject soon I will need a letter re deposit. But my local SCB but they tell me do not know what to put. Has any one a copy of their letter from the bank for immigration?

[chiang mai]

On the same subject soon I will need a letter re deposit. But my local SCB but they tell me do not know what to put. Has any one a copy of their letter from the bank for immigration?

Most banks have a template for this, the letter must include your:

Name

Address

Account number

Balances for the past three months

If SCB says they don't know the format, ask someone else at that branch or tell them to contact head office.

[JAS21]

Just update your book in the m/c ... at least that's what I do in Bangkok Bank ... on the day ... definiately don't make a withdrawal

[MrMuddle]

I've never been asked to make a withdrawal by immigration from the fixed deposit account I use. I leave it in the Bank year after year, and never withdraw from it. I'd strongly advise against making a withdrawal before you go to Immigration.

[ZAKY]

If I use a fixed deposit account to hold and season my 800,000 Baht for my extension of stay, will Immigration still require me to make a withdrawal on the day of application? If so, will I lose interest on the whole of my deposit, or just upon the money I withdraw? Indeed, is it even possible to make a partial withdrawal from a fixed deposit account? (The bank websites I've looked at are unclear on this.)

Thanks.

Why do you have to withdraw the money? Only a statement from your bank is required ! whether the money is in a current or deposit account does not matter, only the proof of having this fund in the bank is required, unless you rely on part of this money to pay for the visa fees, then you will not be in compliance. The 800k is the minimum, it could be any amount plus.

Sent from my iPad using Thaivisa Connect Thailand

[Pib]

Bangkok immigration don't want to see a recent withdrawal...they just want to see the bank letter confirming the Bt800K and the supporting passbook. The banks have a standard template for the letter.

[AyG]

Why do you have to withdraw the money? Only a statement from your bank is required ! whether the money is in a current or deposit account does not matter, only the proof of having this fund in the bank is required, unless you rely on part of this money to pay for the visa fees, then you will not be in compliance. The 800k is the minimum, it could be any amount plus.

A couple of weeks ago I went to Immigration at Lat Phrao to extend my stay. This was the first time based upon retirement. My letter from the bank from from the day before. The money was in a savings account. I was ordered to travel across town since there wasn't a branch of my bank (Krung Thai) in the building, withdraw money, and update the passbook.

In another topic I've been told I'm an idiot for not knowing that one should make a transaction, update one's passbook, then get the bank letter all on the same day before heading to Immigration. Being an idiot I just wanted to know whether things were different if one relied upon money in a fixed deposit account.

[Pib]

The bank clerk can force an update to the passbook even with no balance change....that along with the letter will suffice.

Withdrawing from a fixed account before its maturity usually ends up in a significant loss of the interest earned to date...usually it reverts to the 3 month fixed rate vs the higher rate you were earning.

[fletchsmile]

Sounds like we hit the same official AyG

I went to Imperial World near Lad Prao recently to extend my stay based on marriage in the same way I've done for the last few years. I've even scanned most of the docs so I can print the same ones off each year, and then just update the other one or two things that are needed, like the bank book and bank letter.

I used the 400k in a savings book as I usually do. For my account they can't just update without a transaction so I withdraw one baht the day before as I did in previous years. I also had my bank letter dated the day before. In addition the bank can only produce a bank letter to confirm your balance as at the end of the day (so day before), and that's the main 3rd party piece of evidence that can't be easily fudged.

For the first time ever the official insisted that the bank book be updated as at today. In the past they had always accepted the day before.

The regulations don't actually say the bank balance must be as on the day of application just that there is seasoning of a couple of months you have to show. I showed 6 months with the only transactions being monthly interest and 1 baht withdrawal the day before. Just hit the wrong official on the wrong day I guess.

Most other officials realise there'd be nothing to stop you getting it updated in the morning, update your passbook and do an online transfer for 400k or take it out after the application anyway. The intention of the rules is just to say you have THB 400k of funds (800k in AyG's case) at the time your applying. Most officials therefore are reasonable and adopt a reasonable approach.

I explained I'd always done it this way, as usually the the bank wasn't open in the morning before the immigration office opened and coming to apply for the visa etc etc No use though. He wanted it updated. To be honest I didn't even know where the nearest branch was.

His solutions: get a motorcycle taxi and get it updated. When I came back an hour and half later having taken a moto cycle taxi to the nearest branch, which I found out was 10km away

he told me the following:

- I should change my account to one of the Thai banks. He meant BBL, SCB etc as my account was with StanChart.

- I should change my bank to near here. (Here being a temporary immigration office I would never normally go to of course. I could imagine getting the same guy at Chaeng Wattana next year asking me to change from Lad Prao

- and the last piece of advice - because I have a savings account it must be updated on the exact day. A fixed deposit account doesn't need to be. So I guess that's where AyG's post comes in

To be honest I think it was just this particular official. He actually turned away another guy with a fixed deposit account and told him to come back next week

All in all took me about 5 hours. Imperial Lad Prao was a shambles. Opened late 10.30am so no proper queues as it was full, and people didn't know where to queue anyway. People rolling in from Chaeng Wattana who didn't know it wasn't open and had never heard of this place. Sat in the dark without aircon from 8.15 onwards (thought we'd get there early and so on....

I asked my bank relationship manager what do other people do. She confirmed they can only issue a bank letter for the day before, and that normally immigration accept the passbook from the day before too.

I do wonder what other people do though? Or does everyone just accept that now and again you'll just get one of those Thai officials we all read about that will find something wrong no matter what?.

Does anyone actually get their savings book updated same day? If so by the time you normally get to Chaeng Wattana isn't there already a queue?

Cheers

Fletch

Edit: Just to add. A fixed deposit can be broken anyway. Usually it has to be done in full. There are certain accounts nowadays that do allow partial or limited withdrawals, although I doubt the awkward official understands that. If you do go the fixed deposit route don't make a withdrawal from it would be my advice.

I can also imagine an awkward official not allowing a fixed deposit that doesn't have a passbook, and other variations of why it isn't acceptable. So nothing is likely to be 100% guaranteed to work if you get the wrong official on the wrong day

Edited May 22, 2014 by fletchsmile

[djhotsox]

There are a number of Thai Banks in the lower level at Chaeng Wattana that can do the entire update the passbook and letter for immigration service for you right there. Bangkok Bank and Krungsri for sure, for a nominal fee, 100 baht or something? Can't remember.....

[Pib]

There are a number of Thai Banks in the lower level at Chaeng Wattana that can do the entire update the passbook and letter for immigration service for you right there. Bangkok Bank and Krungsri for sure, for a nominal fee, 100 baht or something? Can't remember.....

Correct...100 baht at Bangkok Bank at Chaeng Wattana...takes them about 5 minutes to issue the letter...the bank also forces an update to the passport showing the balance with a today's date. I use a fixed account for my annual extension of stay. I've done it this way for the last two years/extensions since getting into fixed savings accounts. Then up to immigration I go with a fresh-off-the-press bank letter and updated passbook.

The bank and immigration both open at 8:30am so I get my bank letter first and then up to immigration and usually I have around a 30 minute wait before being called. The first year I tried this approach I got my immigration queue number first, then went down to the bank to get the letter...the bank issued the letter pretty quickly but by the time I got back immigration had called my queue number already and I had to got get another queue number....I guess I should have been further back inline when getting my first queue number. Last year I found quite few queue numbers went unanswered in the first 30 minutes of immigration being open...maybe the people were down stairs getting a bank letter and didn't' expect immigration to call their queue number so fast.

Edited July 10, 2014 by Pib