Update for best place to keep 800K?

[skatewash]

Whatever you do, don't put or leave the funds in a current (cheque book) account, I found out the hard way and then had to shift the funds and wait another seasoning period last year, this was at Chaeng Wattana.

But...

I would recommend a Mee Tae Dai savings account at Krungsri Bank, currently paying from 1.85% for deposits in the range Baht 100,000 to Baht 10 million. It's not a fixed term deposit, calculates interest daily, pays interest monthly, two free withdrawals allowed per month (thereafter 50 Baht charge per withdrawal).

Details are here: https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Current interest rates are here (the one for Mee Tae Dai is on the bottom of the second page): https://www.krungsri.com/bank/getmedia/ab8ae7e5-c514-4d35-a37f-207f86aa0fd6/Deposit-Rates-05062015.aspx

Caveat: because it's not a fixed term account the interest rate is not fixed. It can go up or down. It was 2.3% when I opened the account last year. Interest rates are currently going down. In those circumstances it may be worth your while to find a fixed term account paying higher interest.

Not all account types may be valid for obtaining the 800k retirement extension.

It is supposed to be an account which can be uses for living expenses, hence can be accessed.

Obviously a current or savings account would not be a problem, and fixed term deposits are being accepted, but there may be a proviso that the money can be accessed albeit with penalty.(Probably depends on the immigration official or particular office)

Don't forget the seasoning term (60 days 1st application, 90 subsequent).

Cant both be right.

I don't think they accept a current account for the reason ubonjoe gave earlier, that is, a current account does not have a bank book (pass book) attached to the account. I don't think anyone claims that the money in a current account is inaccessible, it's not. And money in such an account is not subject to market fluctuation. And it's in Baht, in a Thai bank. But it doesn't come with a pass book. Of course, a letter could be issued by the bank indicating the balance in the current account on a particular date. Also, the bank could issue a stamped statement of the account. But there's no equivalent of a pass book for a current account as there is for a savings or fixed term deposit account. Immigration officers have apparently become used to using the passbook to determine that the account has not dipped below the 800,000B threshold at any time during the seasoning period (2 or 3 months). They could get the same information from a bank certified statement of a current account, but it appears they don't wish to do it that way. They like having the passbook in hand or at least being able to ask to see it.

[Najinsky]

Could you just take cash and show them the cash?

Are you serious.

The rules state it has to be in a bank account for 2 or 3 months.

It was half tongue in cheek, but only half.

You seem to have access to many of the correct links to the requirements and guidelines so I'm happy to take what you say on it.

However, sometimes a requirement and a guideline as to how an officer should determine if a requirement is met, are not always the same thing.

It seems to me a lot of the changes, and knock-on hassles people have been having in recent years are simply an attempt by Thailand.gov to stamp out some common abuses that people were previously using to work around the 800K requirement. Therefore stricter practices are being adopted to try to ensure the Applicant really does have the 800K at their disposal.

Obviously, showing 800K in cash proves you have it.

It's been a few years since I read into all this stuff but I don't seem to recall the UK Embassy site I read as saying anything other than needing the 800K or evidence of regular monthly equivalent. The stuff about bank accounts, statements and letters seemed to be a guideline about how the officer would assess that requirement if you had that 800K in a bank. So it could be possible that cash would meet the requirement, but like I say, I can see you are well read and experienced in these subjects so I'll take what you say.

Regards,

Andy

[ubonjoe]

All you have to do is read clause 2.22 of Police Order 327/2557 basis for extension of stay and Immigration Bureau Order 138/2557 documents for extension of stay.

Forget anything you read on an embassy website to do with extensions of stay.

[Najinsky]

All you have to do is read clause 2.22 of Police Order 327/2557 basis for extension of stay and Immigration Bureau Order 138/2557 documents for extension of stay.

Forget anything you read on an embassy website to do with extensions of stay.

3. Evidence of income such as a retirement pension, interest or dividends; and/or

4. Funds deposit certificate issued by a bank in Thailand and a copy of a bankbook

And/Or suggest only one of 3/4 is need. Could cash not constitute your retirement income (lump sum)?

[ubonjoe]

Income has to proven by a letter from your embassy. That is the only evidence they will accept. A pile of cash is not income.

[Maestro]

Cash in hand is not evidence of income in the context of the extension rule, eg cash from robbing a bank would not count, nor would cash you received by other means. The evidence you need is a document from the employer or institution paying you the money, eg employer, pension fund, bank paying you interest or dividends, tenant paying you rent, etc., in the case where the embassy wants to see evidence.

[jacko45k]

Apologies for wrongly stating current account, I had forgotten that there was no passbook associated with one.

Seems archaic but it is what it is.

I have to stand at the machine for ages and sometimes get a new one the once-a-year I need my passbook.

Edited July 13, 2015 by jacko45k