Retirement extension 800K in two accounts from same bank

[Bulldozer Dawn]

Topic title says it all.

I have my 800K spread across two account with the same bank (to minimise tax).

Will the bank give me the letter I require for immigration with two accounts?

And will immigration accept it if I arrive there with one letter and two bank books?

[ubonjoe]

Immigration will accept two bank accounts.

It will depend upon the bank whether you get one letter or one for each account.

[Jingthing]

Yes that is my understanding as well.

Multiple accounts are OK including from different banks as long as the accounts are qualifying accounts.

But it can be messy to show the money seasoning in such cases and would be very careful about transferring between those accounts during the money seasoning period.

[KhunBENQ]

Save tax?

Are you referring to your home country (USA?).

Just curious.

[colinneil]

Save tax? you pay tax on monies in any bank account in Thailand. So how can you save tax????????

[al007]

I went to KhonKaen for annual marriage extension, I had all the correct paper work, and bank letter on my BangKok Bank sterling account, all updated yesterday morning, we got to immigration at 9.10 because we had to go to bank first

Immigration was exceedingly busy, however we were out by 10.05, all done dusted, new stamp until sept 9 when we get the revised extension

I could not ask for easier or better service, THANK YOU

I now hear a person was refused retirement extension because his money was in two separate accounts, and this man is blaming immigration because they wanted a bonus from him, I reply I believe so long as the money in the two accounts for the full 90 days, with no switching from one account to the other he would not be refused, (I personally believe he had not complied with the rules and instead of blaming himself wants to blame someone else)

I do believe during the seasoning period you may not switch accounts from savings to investment etc

Can any one let me know the exact rules

Khon Kaen rated 10 out of TEN credit where credit is due

[Jingthing]

I don't think there are any national written rules on this matter. You see the national written rules do not specify it must be in one account so the enforcement generally allows multiple accounts. But you must be careful about suspicious account activity during the seasoning period.

[KhunBENQ]

I don't think there are any national written rules on this matter.

The rules are there but are ambigious/unprecise.

The English translations says "in a Thai bank account".

I don't know about guidelines on the rules.

So every immigration office seems to have a wide range of interpretation.

What kind of account?

Is "a" = "one"?

I am a non native speaker, but "a" sounds very much like "one" in "natural language"?

Would have to countercheck the original Thai text...

[Jingthing]

But it is not one specified.

[KhunBENQ]

A source for tea money special handling fee

[Jingthing]

Perhaps in some offices but I wouldn't expect that as long as the application was otherwise clear and normal.

[al007]

Really very simple be aware of the rules

Be aware of different possible interpretation

Keep it simple and in one account then nothing to interpret or negotiate

Remember we choose to live here, I personally am very happy, but have to accept the rule book is interpreted in many different ways, that is if there even is a rule book

Godbless the Queen and Happy Birthday tomorrow

[Jingthing]

Easy for you to say because you can't imagine scenarios where you have no choice about using multiple accounts. Again it IS OK!

[Bulldozer Dawn]

Bank told me it is ok. They will issue the letter even though I have two accounts. I have two accounts because one of the features of my accounts are that there is no witholding tax for balances below 700K. Wonder why that figure is just south of 800K?

[DogNo1]

Who pays tax on the money held in a foreign bank account? I've never heard of such a thing. As a citizen of the USA, I submit my FBAR every year and include the FATCA in my filed income tax return. I only pay tax on money that I earn as dividends or interest and that amount is negligible. It is easily reported on the tax return.

[Jingthing]

Yeah I don't understand the tax reason either, but that's not the core of the issue here. The core of the issue is that IF you have multiple accounts (for whatever reasons, good or bad) can they be used for immigration purposes and the answer is: YES.

[Bulldozer Dawn]

Who pays tax on the money held in a foreign bank account? I've never heard of such a thing. As a citizen of the USA, I submit my FBAR every year and include the FATCA in my filed income tax return. I only pay tax on money that I earn as dividends or interest and that amount is negligible. It is easily reported on the tax return.

Really. You have never heard of witholding tax?

[paz]

Who pays tax on the money held in a foreign bank account? I've never heard of such a thing. As a citizen of the USA, I submit my FBAR every year and include the FATCA in my filed income tax return. I only pay tax on money that I earn as dividends or interest and that amount is negligible. It is easily reported on the tax return.

Really. You have never heard of witholding tax?

There is no withholding tax on money kept in bank. There can be withholding tax on gained interest. The two things are different.

[Bulldozer Dawn]

Wow it is incredible how fast a simple thread can get pulled off track by numpties here on TV....sigh

[NancyL]

He's talking about Thai withholding tax. Not tax in his home country.

I have three bank accounts in the same bank that I use for the 800,000 baht. Bangkok Bank in Chiang Mai. I don't touch the money during the 90 day ageing period. Never a problem. YMMV

I did have a problem the one year I withdrew the interest that had been adding up during the 90 day period, but the balance didn't go below 800,000. Silly me. It just took a little song-and-dance at Immigration and showing them the new shoes I bought with the money I'd withdrawn. (the bank branch is next to a shoe store) That taught me the value of not touching the money during the 90 day ageing period -- I'm not very good at tap dance.

Edited August 12, 2015 by NancyL

[IMA_FARANG]

I have a U.S. Social Security pension monthly direct deposited to my Bangkok Bank account.

By Social Security rules I am NOT allowed to have a ATM/debit card on that direct deposit account.

So I opened a separate account with Bangkok Bank to get an ATM/debit card i can use for my expenses on my separate "living expenses" account

BOTH of my accounts are listed on my Bangkok Bank letter for my reirement extension. So far it has worked at immigration.

[Bulldozer Dawn]

He's talking about Thai withholding tax. Not tax in his home country.

I have three bank accounts in the same bank that I use for the 800,000 baht. Bangkok Bank in Chiang Mai. I don't touch the money during the 90 day ageing period. Never a problem. YMMV

I did have a problem the one year I withdrew the interest that had been adding up during the 90 day period, but the balance didn't go below 800,000. Silly me. It just took a little song-and-dance at Immigration and showing them the new shoes I bought with the money I'd withdrawn. (the bank branch is next to a shoe store) That taught me the value of not touching the money during the 90 day ageing period -- I'm not very good at tap dance.

Thanks Nancy. I have two accounts because if the balance is over 700K they deduct witholding tax from any interest. Solution (suggested to me by the bank manager himself) open two accounts. As an added safety precaution I specifically requested no atm card be issued for either account. If someone is going to skim or steal from my accounts, they will have to use my bank book.

[wpcoe]

I have a U.S. Social Security pension monthly direct deposited to my Bangkok Bank account.

By Social Security rules I am NOT allowed to have a ATM/debit card on that direct deposit account.

My mother has her SS check direct deposited to her (USA) bank has an ATM/debit card for that account. Ditto for my sisters. Is that rule only for overseas banks? I'm far-too-rapidly approaching the date when I can collect SS, so would like to know more.

[ubonjoe]

I have a U.S. Social Security pension monthly direct deposited to my Bangkok Bank account.

By Social Security rules I am NOT allowed to have a ATM/debit card on that direct deposit account.

My mother has her SS check direct deposited to her (USA) bank has an ATM/debit card for that account. Ditto for my sisters. Is that rule only for overseas banks? I'm far-too-rapidly approaching the date when I can collect SS, so would like to know more.

It only applies for dong a direct deposit to a Bangkok Bank account. You have to apply for a special direct deposit account which cannot have a ATM/Debit card or online banking.

I have one and like it a lot. No need to have to deal with a bank in the US and it only costs about $11 total for the transfer. I go into the bank once a month and transfer the funds to another account that has an ATM card and online banking.

[wpcoe]

Thanks for the info. When the time comes, I'll open a 2nd BBL account and do the same.