Does the term of a fixed account matter when it comes to my retirement extension?

[RichardThailand]

I have set up a Bank Account at Bangkok Bank and have the transfer from my USA Bank working. In a while I hope to have the 800K in my Bangkok Bank savings account and then at that point from what I understand I should put that in a fixed term interest bearing account and start the process to apply for an extension based on retirement after it has been in there for 2 months.

I would like some advice on this.

From what I learned I can open a fixed term account with a 6, 11 or 12 month term. I think that's what I was told but I will check it out again closer to the date.

What I would like to know is does the term of the account make any difference. Seems to me that after the term then the account is closed and I need to open a new account all over again. If I open an account and after it closes in a year and I transfer immediately to another newaccount then will immigration consider the second account as a new account that does not have a three month history?

[paz]

You cannot have the funds in a fixed term account. They need to be in a basic saving account. After you have the extension you can move them to fixed term and keep them there say, 6 months. Then to savings again three months before the next application, and so on.

Edited September 29, 2014 by paz

[wayned]

The funds must be in an account where the money can be withdrawn at anytime. Some accounts allow you to withdraw the funds at ay time, with penalties. These type of accounts are acceptable to "some" immigration offices.

[Vacuum]

paz, on 30 Sept 2014 - 03:21, said:

You cannot have the funds in a fixed term account. They need to be in a basic saving account. After you have the extension you can move them to fixed term and keep them there say, 6 months. Then to savings again three months before the next application, and so on.

I have used fixed term accounts for years using Bangkok Bank, no problems.

[Lite Beer]

Most Immigration Offices accept fixed term accounts as long as the cash is accessible if needed.

[ubonjoe]

As said most offices will accept fixed term accounts but they have to of the type you can remove the funds at any time with no delay and no penalty other than a loss of interest.

The most important to be careful of is that that the term does not end during the 3 months before your extension is due. The funds being moved from one account to another is considered as the funds going to zero by immigration which means the 3 months would start all over again.

[RichardThailand]

Okay so if I leave the money in a savings account, ensure there is always at least 800,000 in there. Then does immigration accept my passbook as proof that there has been money in there for the required time or do I need other proof?

[ubonjoe]

You will need a letter from your bank to confirm the account balance and bank book to prove that it has been in the bank for 60 days for the first extension (3 months after that).

[avander]

The local Immigration offive in Jomtien confirmed I could use a Fixed Term Deposit account and did not indicate any other conditions apart from a letter from the Bank and having the bankbook recently stamped (within a couple of weeks of renewing) to show the current balance.

[KhunBENQ]

Just to confirm. At Khon Kaen no problem with "Fixed Deposit Account" (daily available with some loss of interest).

Edited September 30, 2014 by KhunBENQ

[prodriver]

As said most offices will accept fixed term accounts but they have to of the type you can remove the funds at any time with no delay and no penalty other than a loss of interest.

The most important to be careful of is that that the term does not end during the 3 months before your extension is due. The funds being moved from one account to another is considered as the funds going to zero by immigration which means the 3 months would start all over again.

The way I read it according to Order No. 327/2557 the funds must be deposited with a bank. Surely as long as any money is transferred from one account to another on the same day then it would be deemed that the funds have remained in the bank.

As an example, I have had a 15 month account with SCB that terminates on 2nd October. I will then transfer the amount in that account to a 3 month deposit account I have had for years. When I apply for my next one year extension at the beginning of December I feel confident that it will be seen by Immigration that the funds have been in the bank for well over a year albeit not in the same account.

[RichardThailand]

For those who replied just now about fixed. How do you handle the timing? Are your fixed accounts renewed or do you have to open another at time of renewal?

[ubonjoe]

As said most offices will accept fixed term accounts but they have to of the type you can remove the funds at any time with no delay and no penalty other than a loss of interest.

The most important to be careful of is that that the term does not end during the 3 months before your extension is due. The funds being moved from one account to another is considered as the funds going to zero by immigration which means the 3 months would start all over again.

The way I read it according to Order No. 327/2557 the funds must be deposited with a bank. Surely as long as any money is transferred from one account to another on the same day then it would be deemed that the funds have remained in the bank.

As an example, I have had a 15 month account with SCB that terminates on 2nd October. I will then transfer the amount in that account to a 3 month deposit account I have had for years. When I apply for my next one year extension at the beginning of December I feel confident that it will be seen by Immigration that the funds have been in the bank for well over a year albeit not in the same account.

That is not the way immigration sees it. Moving funds from one account to another during the seasoning period of the funds is considered a zero balance by them. Many a person has had their application denied for this reason.

You do not need to show the funds have been there for a year so it is OK move funds at any time other than during the seasoning period.

[KhunBENQ]

For those who replied just now about fixed. How do you handle the timing? Are your fixed accounts renewed or do you have to open another at time of renewal?

At Bangkok Bank:

The fixed accounts automatically continue as a normal savings account after due date (when interest is paid).

Interest from then on is close to nothing.

If you want to invest the money again, you have to close the account and open a new one.

(as far as I remember its no different at SCB)

When the due date lies within the seasoning period for extension: don't touch the account and wait until extension is granted.

As described above: no moving between accounts during the seasoning period!

Edited September 30, 2014 by KhunBENQ

[avander]

For those who replied just now about fixed. How do you handle the timing? Are your fixed accounts renewed or do you have to open another at time of renewal?

At Bangkok Bank:

The fixed accounts automatically continue as a normal savings account after due date (when interest is paid).

Interest from then on is close to nothing.

If you want to invest the money again, you have to close the account and open a new one.

(as far as I remember its no different at SCB)

When the due date lies within the seasoning period for extension: don't touch the account and wait until extension is granted.

As described above: no moving between accounts during the seasoning period!

Great to know. I am renewing mine for the first time in December and wasn't aware of the above.

Thanks KhunBENQ!

[ColdSingha]

anyone know if acceptable Hua Hin immigration?

[Longtooth]

You cannot have the funds in a fixed term account. They need to be in a basic saving account. After you have the extension you can move them to fixed term and keep them there say, 6 months. Then to savings again three months before the next application, and so on.

Sad, but definitely TRUE!

[KittenKong]

You cannot have the funds in a fixed term account. They need to be in a basic saving account. After you have the extension you can move them to fixed term and keep them there say, 6 months. Then to savings again three months before the next application, and so on.

Sad, but definitely TRUE!

May be true in some immigration offices but certainly not at Jomtien. My 800K for my retirement extension have always been in a fixed deposit account. Initially several sequential Kasikorn step-bonds and later just 8 or 12 month TDs from whoever offered the best rate at the time (I'm currently on 3% for 12 months at TMB).

OK, I know that Jomtien are probably the most open-minded immigration office in Thailand when it comes to interpreting the rules and that other offices can be much more restrictive. That's why it's best to always get local advice about your particular office requirements rather than general advice.

[meatboy]

i have been useing fixed term accs.for over 5yrs.[nakon ratchasima] i always make sure whenever i open the fixed term it takes me behond my extension date.also i take along a current acc.passbook in case they ask what you are living on[the last twice]

one other thing is,if you are offered a fixed term where they pay you the interest up front into another acc.they will then not except the fixed acc.unless in is in excess of 800,000,because if you take it out before the end of the fixed term the bank will take all the interest they paid you at opening.

[lopburi3]

There are three common types of bank accounts - so with proof of required time and with letter of bank of current balance:

Saving passbook or statement account - always accepted by immigration.

Fixed deposit cash accounts with only interest lost for early withdrawal - almost always accepted by immigration - check with office to be sure.

Fixed deposit fund accounts - not accepted.

[Guest]

I've been using Fixed Term deposits for years, at three different immigration offices including Bangkok. As has been said above, it must be the type where you can withdraw on demand (doing that will result in loss of interest of course). I always ensure that the account expires after my annual renewal by several months. Fixed terms can be longer than 12 months depending on the bank, and my bank keeps the same account number when you start a new term.