Using fixed deposit account for retirement visa - warning!

[Naam]

800,000 @ 3 % is 24,000 baht. Not a trivial amount, but that doesn't pay the rent of an apartment in Thailand for 12 months.

unfortunately no bank in Thailand exists which pays you nowadays 3%

[Liquorice]

Naam, on 11 Jan 2015 - 14:49, said:

gk10002000, on 09 Jan 2015 - 09:49, said:

800,000 @ 3 % is 24,000 baht. Not a trivial amount, but that doesn't pay the rent of an apartment in Thailand for 12 months.

unfortunately no bank in Thailand exists which pays you nowadays 3%

Now you've opened a can of worms naam............wait for it.

[KittenKong]

unfortunately no bank in Thailand exists which pays you nowadays 3%

?

I get 3.5% on a 14 month TD that I opened a couple of weeks ago.

The same bank (CIMB) is still paying 3.2% http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_13months/

Maybe you should consult this thread: http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/

[Alfa]

Hi,

I wonder does the Immigration accept the papers " 800 000 in the TD Canada Trust Bank ,3 months " from TD Bank ?

Or does it has to be a Thai Bank ?

[Sophon]

Hi,

I wonder does the Immigration accept the papers " 800 000 in the TD Canada Trust Bank ,3 months " from TD Bank ?

Or does it has to be a Thai Bank ?

The funds has to be in an account in Thailand, no chance that they will accept your Canadian bank.

Sophon

[ubonjoe]

Hi,

I wonder does the Immigration accept the papers " 800 000 in the TD Canada Trust Bank ,3 months " from TD Bank ?

Or does it has to be a Thai Bank ?

It must be in Thai bank.

Only foreign earned income is accepted. Proven by a letter from your embassy.

[Alfa]

Hi Joe,

Do you mean that 800 000 in a foreign Bank is not accepted by Immigration for the Non O Immigration 1 year visa ?

What about the interest from a foreign bank, do you get it back every year in January ?

Is CIMB Bank foreign bank ?

[Mario2008]

It must be in a bankaccount in Thailand, but can be a "foreign" bank allowed to trade in Thailand.

[chiang mai]

Hi Joe,

Do you mean that 800 000 in a foreign Bank is not accepted by Immigration for the Non O Immigration 1 year visa ?

What about the interest from a foreign bank, do you get it back every year in January ?

Is CIMB Bank foreign bank ?

What they mean to say is that the bank must be licensed by the Bank of Thailand, in Thailand. And yes, UOB and CIMB are foreign banks but they hold a BOT retail banking license.

[Liquorice]

Alfa, on 12 Jan 2015 - 09:26, said:

Hi Joe,

Do you mean that 800 000 in a foreign Bank is not accepted by Immigration for the Non O Immigration 1 year visa ?

What about the interest from a foreign bank, do you get it back every year in January ?

Is CIMB Bank foreign bank ?

Alfa, Your question about reclaiming taxed interest was answered in post 37.

[NancyL]

what a bucket of worms this thread has opened up due to my simple question which has been answered many times over, clarified here and also clarified by my bank today, my pension from 44 covers me for retirement extension apart from about 160k baht, I wanted to make sure that if I had all of my transferred money in an interest paying fixed account that it could be used if required and that question has been answered multiple times

Hard to believe these threads go on and on discussing the same things over and over, if in doubt ask your bank

Smedey, you posted a valid question.

Just beware of the financial instruments that banks here sometimes try to push on customers which are not fixed deposit accounts but are described as being very similar. They are closer to life assurance policies. These don't count as they are not liquid. They are often sold by "dolly birds" in the branch.

I'm aware of one branch manager who did such a thing in Chiang Mai, telling the customer she'd even provide a letter for Immigration. When the time came, the letter she wrote explained how the funds were locked and the customer wasn't able to withdraw them until the fund matured (after his visa extension expired) -- all in Thai of course. Not exactly the letter the customer was expecting and certainly not the letter he needed to take to Immigration!

[joepattaya1961]

AFAIK Immigration also a letter from the bank stating.....whatever.

Is this letter linked to the current bankbook or does it also mention former accounts?

[ubonjoe]

AFAIK Immigration also a letter from the bank stating.....whatever.

Is this letter linked to the current bankbook or does it also mention former accounts?

It just confirms your bank balance in the account you give them the book for.

If you wanted more then one account confirmed they could do more than one.

[chiang mai]

A single bank letter typically and historically sets out the total relationship balance and provides balances as of the last day of each of the previous three months. The letter is also made available in whichever languages are required, typically in English and a second copy in Thai.

Edited January 12, 2015 by chiang mai

[Alfa]

Hi KittenKong,

Where is this TD Canada Trust Bank located in Thailand I wonder ?

I couldn't find in internet, there they say, there is no branch exists in Thailand.

But where do you go to open an account which gives you 3,5 % interest a year for fixed deposits in 14 months ?????

[Alfa]

Now I get an answer from TD Bank by mail.

I can only open an internet account and that gives me about 1 % interest a year if the money is over 5000$.

How could you get 3,5 % I wonder ?

How could you manage . Is there a trick ?

[ubonjoe]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

unfortunately no bank in Thailand exists which pays you nowadays 3%

?

I get 3.5% on a 14 month TD that I opened a couple of weeks ago.

The same bank (CIMB) is still paying 3.2% http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_13months/

Maybe you should consult this thread: http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/

Hi KittenKong,

Where is this TD Canada Trust Bank located in Thailand I wonder ?

I couldn't find in internet, there they say, there is no branch exists in Thailand.

But where do you go to open an account which gives you 3,5 % interest a year for fixed deposits in 14 months ?????

I think you misread his post. The TD he wrote meant term deposit.

It is CIMB bank. Click the link he posted.

[KittenKong]

A single bank letter typically and historically sets out the total relationship balance and provides balances as of the last day of each of the previous three months. The letter is also made available in whichever languages are required, typically in English and a second copy in Thai.

This may be another of those things that varies according to the time of day, your location and the way the wind is blowing.

In Pattaya/Jomtien no bank has ever given me a letter in English. It's one letter in Thai and that's it. Also the letters I get here only appear to confirm that the balance was as shown in the passbook (and on the photocopy that the bank certifies) for the previous three months.

[uhuh]

unfortunately no bank in Thailand exists which pays you nowadays 3%

?

I get 3.5% on a 14 month TD that I opened a couple of weeks ago.

The same bank (CIMB) is still paying 3.2% http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_13months/

Maybe you should consult this thread: http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/

CIMB normally does not accept foreign customers.

Which branch was this?

[KittenKong]

CIMB normally does not accept foreign customers.

Which branch was this?

Jomtien.

[chiang mai]

unfortunately no bank in Thailand exists which pays you nowadays 3%

?

I get 3.5% on a 14 month TD that I opened a couple of weeks ago.

The same bank (CIMB) is still paying 3.2% http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_13months/

Maybe you should consult this thread: http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/

CIMB normally does not accept foreign customers.

Which branch was this?

Nonsense.

[uhuh]

Do you know any branch of CIMB in Bangkok that lets foreigners open a fixed deposit account?

I know several people who tried without success, myself included.

[chiang mai]

Do you know any branch of CIMB in Bangkok that lets foreigners open a fixed deposit account?

I know several people who tried without success, myself included.

Airport Plaza in Chiang Mai, I have two accounts there - I have no idea about Bangkok because I don't live there. But surely, if branches in CM allow foreigners to open accounts, it's certainly not bank policy to disallow all foriegners to open accounts.

[uhuh]

Thanks

we had given up on them but i am going to try some more branches

[ExPratt]

Thanks that may well apply to me at the end of this year, Do Bangkok Bank automatically renew the Deposit or do you need to reapply ?. HSBC automatically renew it until you ask them not to

[meatboy]

Thanks that may well apply to me at the end of this year, Do Bangkok Bank automatically renew the Deposit or do you need to reapply ?. HSBC automatically renew it until you ask them not to

if your refering to a fixed term deposit,on the day of maturity go along to your bank with your pass book they will update it with the interest,then its up to you.

if they have another fixed acc.paying a decent rate ok.but if not take it elsewhere.

see last weeks posting in the BANK INTEREST RATES.

we couldnt find anything on friday.

also if your useing the fixed dep.for extension purpose make sure it takes you past the ex.date.

Edited January 12, 2015 by meatboy

[ExPratt]

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Thanks that may well apply to me at the end of this year, Do Bangkok Bank automatically renew the Deposit or do you need to reapply ?. HSBC automatically renew it until you ask them not to

if your refering to a fixed term deposit,on the day of maturity go along to your bank with your pass book they will update it with the interest,then its up to you.

if they have another fixed acc.paying a decent rate ok.but if not take it elsewhere.

see last weeks posting in the BANK INTEREST RATES.

we couldnt find anything on friday.

also if your useing the fixed dep.for extension purpose make sure it takes you past the ex.date.

Thank you and I'll check the Interest rate thread , Ive got a few quid in HSBC Malaysia and that pays 3.25 (No Tax). When I finished work in Malaysia and came here full time in October , I thought I'd better stick some more cash here , 2.8% for 11 months but the biggest surprise was tax on the interest (Ive been told how to claim it bacK). I was looking at that 5 year bond BKK bank are doing

[meatboy]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thanks that may well apply to me at the end of this year, Do Bangkok Bank automatically renew the Deposit or do you need to reapply ?. HSBC automatically renew it until you ask them not to

if your refering to a fixed term deposit,on the day of maturity go along to your bank with your pass book they will update it with the interest,then its up to you.

if they have another fixed acc.paying a decent rate ok.but if not take it elsewhere.

see last weeks posting in the BANK INTEREST RATES.

we couldnt find anything on friday.

also if your useing the fixed dep.for extension purpose make sure it takes you past the ex.date.

Thank you and I'll check the Interest rate thread , Ive got a few quid in HSBC Malaysia and that pays 3.25 (No Tax). When I finished work in Malaysia and came here full time in October , I thought I'd better stick some more cash here , 2.8% for 11 months but the biggest surprise was tax on the interest (Ive been told how to claim it bacK). I was looking at that 5 year bond BKK bank are doing

there should be something coming shortly land and house,we to were interested in [the latest gov bond?] but you cant use that for your extension.3.8% for 5yrs.but thais only thats ok.see new gov.bond topic in the banking jobs forum.

[Liquorice]

ExPratt, on 13 Jan 2015 - 06:47, said:

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meatboy, on 13 Jan 2015 - 06:29, said:

ExPratt, on 13 Jan 2015 - 06:10, said:

Thanks that may well apply to me at the end of this year, Do Bangkok Bank automatically renew the Deposit or do you need to reapply ?. HSBC automatically renew it until you ask them not to

if your refering to a fixed term deposit,on the day of maturity go along to your bank with your pass book they will update it with the interest,then its up to you.

if they have another fixed acc.paying a decent rate ok.but if not take it elsewhere.

see last weeks posting in the BANK INTEREST RATES.

we couldnt find anything on friday.

also if your useing the fixed dep.for extension purpose make sure it takes you past the ex.date.

Thank you and I'll check the Interest rate thread , Ive got a few quid in HSBC Malaysia and that pays 3.25 (No Tax). When I finished work in Malaysia and came here full time in October , I thought I'd better stick some more cash here , 2.8% for 11 months but the biggest surprise was tax on the interest (Ive been told how to claim it bacK). I was looking at that 5 year bond BKK bank are doing

Bangkok Bank don't automatically renew a Deposit A/c as they are for fixed terms. They automatically revert to a Savings A/c if you do nothing.

I have an 11 month Fixed Deposit A/C @ 2.8%

The interest is taxed at 15%

I also have a Savings A/C @ 0.5%

The Interest isn't taxed if it's under 10,000 baht in any year.

At the beginning of a New Year ask Bangkok Bank for a Statement of Tax paid on any Interest for the previous year.

Take that statement along with your Passport to your local Tax Office. (on the first visit you will be allocated a Tax ref number)

You'll receive a cheque a few weeks later reimbursing any tax you paid the previous year.

[Pib]

A couple years ago my first Bangkok Bank fixed account matured which had Bt800K in it and I was going to use it to satisfy the retirement extension of stay income requirement...I was tied of doing the yearly income affidavit from the U.S. Embassy and paying $50/Bt1600 for it. This was my first fixed account, it matured about 6 weeks before I was going to apply for my yearly retirement extension of stay, and I thought when I went in to rollover the matured deposit into a new/best promotion at the time that the account number would not change. But no, before I knew it I was handed back two account books...the old, mature, "closed" account passbook and my newly opened fixed deposit passbook with a new account number. Boy was I wrong in thinking the same account number would be maintained in the rollover.

My brain immediately began saying Oh crap...the funds in the new account won't have 3 months seasoning under their belt when I apply for renewal of my retirement extension of stay which I do a Chaeng Wattana/Bangkok Immigration just like the OP. When I was setting at the immigration officer's desk and she looked at the bank letter and copies of the passbook she immediately keyed in on the money not been seasoned long enough. I then pulled out my closed account passbook and explained how the deposit had matured and I rolled it into a new fixed account,,,every stang of it...and I showed her where the amounts matched to the stang and date/time in both the closed passbook and new passbook. Stress the money level had never dropped below Bt800K and all the money went directly from the old/closed account to the newly opened account at the same minute in time in the same bank branch...the Bangkok Bank branch just downstairs from immigration. She said OK, continued on in processing and approving the extension. Boy was I relieved.

However, I decided now that I was smarter in how matured accounts are handled/rolled over into new accounts (at least at Bangkok Bank), I would take extra precaution to ensure any new fixed account I go into does not mature within that 3 month seasoning period before extension application. And if I ever do decide to still open a new fixed deposit which matures within that 3 month seasoning period before the extension application I'll just let it stay in the 3 month fixed deposit rate that my matured fixed deposit has always automatically rolled over into until you come in and pick whatever promotion you may really want...I'll let it stay there until I get my extension approved. An automatically rollover is part of the terms and conditions of the type of fixed accounts I have opened and an auto rollover does not end up closing the account/getting a new account number; it's only when you go in to rollover the money into a different fixed term that ends up causing closing of the account and opening of a new account.

I may have got lucky with the immigration officer on that day two years ago...maybe the rules were a little more lenient then regarding same day rollovers...etc. I don't want to chance it no more and end up having to give the U.S. Embassy $50/Bt1600 for a income affidavit is based on my pension. Paying the bank Bt100 for the bank letter is a lot cheaper and easier...plus by Bt800K fixed account also serves as a source of "big money needed now" in case of an emergency.