Type of Bank Account for Retirement Visa

[NCC1701A]

I have been reading some conflicting information about the type of bank account you can keep your 800,000 baht in for your Requirement Visa.

I have both a "standard" saving account at Bangkok Bank with no restrictions on withdrawals and a "fixed" account I can withdraw from but with penalties.

I have looked all over and have not found a website or link to the type of accounts the are allowable.

Does anyone know the answer to this question. I am hoping my fixed account is OK for showing you have funds just because of the higher interest rate.

or a link to immigration with this info. Thanks in advance.

[Lite Beer]

Most Immigration Offices will accept a Fixed Account when applying for Extensions of Stay.

(It is not a Visa)

[metisdead]

I have both a "standard" saving account at Bangkok Bank with no restrictions on withdrawals and a "fixed" account I can withdraw from but with penalties.

I've been using both of these types of accounts for my retirement extension with no problems for the past 5 years.

[IMA_FARANG]

Most Immigration Offices will accept a Fixed Account when applying for Extensions of Stay.

(It is not a Visa)

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

Some offices do, many won't.

Quite often the standard they use is if the funds are available on demand by the account owner (not those term accounts, that require a notice to withdraw money). the account will be accepted.

But, even there , different immigration officers can have different ideas of what is acceptable..

[KhunBENQ]

In Khon Kaen fixed deposit accounts (the always available with interest penalty) were accepted three times now. No questions.

At the first extension ("normal" savings account) the officer even hinted me to use such a fixed deposit.

[skatewash]

Fixed-term deposit was acceptable for a retirement extension last year in Phuket. I think the principle is that the money must be instantly available for withdrawal. In that case, at Bangkok Bank, money could be withdrawn whenever you wanted it, but you would lose the interest associated with the amount withdrawn. I believe immigration is interested only in the ability to withdraw the money and is not concerned with whether you receive interest or not.

However, this year I switched to a Mee Tae Dai savings account at Krungsri Bank for my retirement extension. The variable interest rate, currently 2.00 %, was comparable with the promotional fixed-term deposits from Bangkok Bank. The flexibility is greater with the MTD account: 2 free withdrawals allowed per month, 50 B fee for any additional withdrawals for the rest of the month. Interest is paid monthly, rather than at the end of the term for fixed-term deposits. Aside from the withdrawal fees, it behaves as a regular savings account. I will find out shortly if Phuket immigration accepts this form of account, but I certainly expect it to according to the principal as I understand it.

[KittenKong]

I've always used long TDs for my retirement extension in Jomtien and have never had the slightest trouble. Thai TDs generally allow for instant withdrawal (with a penalty) which is all the law requires.

But it does all depend on where you live as your immigration officer may have a different idea of what is acceptable.

[TerryLH]

"Some offices do, many won't."

IMA, which offices don't accept the fixed term accounts?

Thanks

Terry

[Suradit69]

"Some offices do, many won't."

IMA, which offices don't accept the fixed term accounts?

Thanks

Terry

That's probably a pointless question since most people only know for sure about the office they use & the bank account they have ... and since the types of fixed deposit accounts varies, even anecdotal reports may not be conclusive. So it ultimately comes down to the officer you deal with and his/her understanding of the particular account you have.

As said, the general rule is that as long as you can access your money without delay, despite possible minor penalties, it should be OK. The only way you'll know with some degree of certainty is to drop in at your immigration office with your passbook and ask if that type of account will be acceptable.

You can't go down a list of immigrations offices and pick the one that appeals to you. You need to comply with the immigration office serving the area in which you reside.