does a money market account at a bank qualify as a bank account

[kingstonkid]

I am on the retirement extension and wondered if instead of leaving my money in a normal bank account I could set up a money market account at the bank and use it.

[ubonjoe]

The only accounts immigration will accept is a savings account or a fixed term account that allows you to withdraw funds with no delay or penalties other than loss of interest.

[mahjongguy]

1) Is it possible for the account balance to go down? Must be "no".

2) Can you withdraw the money instantly whenever you want? Must be "yes".

The prospectus for Kasikornbank's K-Money fund says "Investors may get a return in an amount higher or lower than the amount initially invested.".

So it seems that the answer is "no", it would not be acceptable.

[IMA_FARANG]

1) Is it possible for the account balance to go down? Must be "no".

2) Can you withdraw the money instantly whenever you want? Must be "yes".

The prospectus for Kasikornbank's K-Money fund says "Investors may get a return in an amount higher or lower than the amount initially invested.".

So it seems that the answer is "no", it would not be acceptable.

---------------------

ubonjoe has nailed it correctly as usual.

You can never be sure as different immigration offices may have slightly different "rules" in effect there. In general however, they want:

• A savings account which allows funds to be withdrawn on immediate notice
• Do not allow "money market funds" that need a fixed notice before they be withdrawn.
• You can use such funds for living expenses as required during you retirement extension/visa.
• But you must meet any "aging" requirements at renewal time (funds must be seasoned for 3 months before renewal at the full required amount, if you use the bank account as your only income verification)
• And, usually, need to be from abroad (and logged in as foreign transfers in your passbook). They will show in the bank book as FTT, or foreign exchange incoming transfers ideally.

It would be wise for an intelligent person to ASK of the immigration what their requirements were before you assumed. as some offices have slightly different rules.

[CMBob]

And, usually, need to be from abroad (and logged in as foreign transfers in your passbook). They will show in the bank book as FTT, or foreign exchange incoming transfers ideally.

I've never heard of that requirement before. I've kept the same funds isolated for years in an SCB account to qualify for the renewal and none of my passbooks (I get a new one every time my fixed-term deposit expires) reflect anything whatsoever about the source of the funds.

Whenever I get into a new fixed-term deposit (I just did a 14-month new one last week), I always ask to make sure that the account will qualify for the annual immigration letter. I'm careful, of course, to only get into a fixed-term account that I can withdraw any time I want.

Edit: As an aside, the new 14-month account earns interest at the rate of 2.8% annually, not quite as good as the prior 22-month term rate of 3.75%!

Edited September 16, 2014 by CMBob

[jacksam]

Where are you from? Can you do a ststement of income from your embassy and use income method.

[jacksam]

On the point of income method, why do people opt for bank deposit. Surely to retire you need at very minimum the monthly income thi imm require.

My super fund went up approx 18% last financial. Why would you stick about 30k au here for little or zero interest.

Off the topic but little related.

[muffy]

_{Your super fund can also go down 18% or more .}

[danasutton]

I just sent a Scottrade statement that listed my investments and thebal and it was approved.

[bigguy]

^{Again, as I've posted before, I use a "fixer", and I don't deposit one baht, she handles it all.}

[KittenKong]

Again, as I've posted before, I use a "fixer", and I don't deposit one baht, she handles it all.

You may find that one day this no longer works. And the legality of an extension obtained this way is probably doubtful and may come back to bite you.

Personally I cant see the point of paying a service charge to someone to "fix" something that I can very easily arrange myself for no cost.

[KittenKong]

On the point of income method, why do people opt for bank deposit. Surely to retire you need at very minimum the monthly income thi imm require.

My super fund went up approx 18% last financial. Why would you stick about 30k au here for little or zero interest.

I have money in stocks and in bank accounts. I may as well deposit some of it here and get 3% and use it for my retirement extension as leave it elsewhere and get about the same rate. Also if I took the income route I would have to provide tedious paperwork to my consulate and pay them an extortionate fee for their rubber stamp every year.

So I think I'm better off with the local bank deposit. YMMV

[1FinickyOne]

One of my first years here, the bank manager insisted that it was ok to take a CD and she would write me a letter etc etc…

and I did… and it wasn't. Fortunately they held my paperwork as I ran to the embassy - I qualified on income too. And when I returned to the bank, the manager barely knew me.

I continue to use this method of bank deposit as I don't mind keeping the funds here and it saves me running around to the embassy and the notarization fees etc…

[dotpoom]

It would be wise for an intelligent person to ASK of the immigration what their requirements were before you assumed. as some offices have slightly different rules.

It would also be wise for an unintelligent person to do it.