What type of thai bank account for 800k baht for extension to stay based on retirement (OA visa)

[bilbo52]

My OA visa will expire in Aug 2016 and shorly before the expiry date I will apply for my first extension to stay based on savings (800k bt, I am not married). My question is: can I put this money in a thai fixed term deposit account, eg Bangkok bank 12mth deposit account? Will this be acceptable to immigration in Hua Hin as opposed to a regular current/savings account? I understand that for the first extension to stay the money needs to be seasoned in a Thai bank account for 2 months.

As an alternative if I put the equivalent (plus a little bit more to guard against exchange rate fluctuations) of 800k bt in a Bangkok bank foreign currency account would this be acceptable to Immigration when I apply for the extension to stay in Aug 2016?

Any current knowledge or personal experience of the two methods that I have outlined above would be greatly appreciated. Also any suggestions on other bank accounts by bank name and account name would be useful.

In anticipation many thanks.

[sunnyjim5]

If you exit he country and return just prior to the "enter before" date on the O/A visa you will be given another 12 month permission to stay meaning that an extension does not have to be applied for until 2017. If any travel is intended during the second year of stay a reentry permit is needed.

Immigration will normally accept bank accounts which allow instant access to cash.

[ubonjoe]

Immigration will accept a fixed term account as long as the funds can be withdrawn without delay or penalty other than loss of interest.

Some offices will also accept foreign currency accounts.

As said if it is your visa that is expiring you can do a border hop on or before the enter date on your visa and get a new one year entry.

[Eclipse]

His Visa expired 21 August 2015.

All Immigration Offices accept Savings accounts.

A lot will accept fixed deposit and foreign currency accounts.

You will have to ask them.

Edited February 9, 2016 by Eclipse

[allane]

Read the rules inside your bankbook. If it says something such as "No interest will be paid on funds withdrawn before the date of maturity", that is a good thing, because it means that you are allowed to withdraw funds. That is what Immigration wants to see. If it says something such as "No withdrawals are permitted before the maturity date, they won't let you use it.

[Pib]

I know the OP is using the Hua Hin immigration office, but I've used various Bangkok Bank fixed term savings accounts for the last few years in renewing my retirement extension of stay at Chaeng Wattana/Bangkok immigration....not a problem at that office.

[OJAS]

I would definitely advise the OP against opening a GBP FCD account with Bangkok Bank for 2 reasons:-

(1) Far from guarding him against exchange rate fluctuations a GBP account might, on the contrary, increase the risk of the OP finding himself short at annual extension of stay time, especially if the GBP were to fall significantly in value against the THB over the next few months, which some forecasters are anticipating in the run-up to the EU membership referendum. Much better, I think, for him to get the necessary 800,000 safely stashed away in a suitable THB account in advance of the seasoning period.

(2) Based on my brief experience of holding a GBP FCD account with Bangkok Bank several years ago, he may well be stung for significant bank charges at both ends when transferring funds from the UK. For a £1,000 SWIFT transfer to my GBP FCD account I was charged my UK bank’s standard £22 fees plus a further £35 by Bangkok Bank (of which I was unable to find any mention on their website at that time). Needless to say that prompted me to close this account PDQ, and I now rely on Bangkok Bank’s excellent facility for transferring funds from my UK account to my standard THB savings account with them here via their London branch. The maximum charge for each transfer is a flat-rate £20 levied at the London end plus 0.25% levied at the Bangkok end (up to a maximum of 500 THB), on the basis that the GBP-to-THB conversion is performed in Bangkok rather than London, as is generally considered to be preferable.

[lamyai3]

A few related questions if the OP doesn't object to me hopping on the thread.

1) What is the best way of opening an account for the 800k? Presumably it's best to wait until a non o/a has been obtained and therefore a current account can be opened in Bangkok rather than just opening a savings account while on a tourist visa?

2) Are there any interest bearing accounts available here that are regularly used for this?

3l Is a current account with Bangkok Bank opened in Bangkok fully accessible through their UK branch? Or is it necessary to open an account separately in London before transferring money here?

4) Also, in the event of being unable to return to Thailand (say for health or family reasons), is the money deposited here available for easy withdrawal within the UK if I was unable to return? If so it would seem Bangkok Bank is the obvious choice for a UK citizen due to their presence in London.

Thanks.

Edited February 9, 2016 by lamyai3

[NancyL]

A few related questions if the OP doesn't object to me hopping on the thread.

1) What is the best way of opening an account for the 800k? Presumably it's best to wait until a non o/a has been obtained and therefore a current account can be opened in Bangkok rather than just opening a savings account while on a tourist visa?

2) Are there any interest bearing accounts available here that are regularly used for this?

3l Is a current account with Bangkok Bank opened in Bangkok fully accessible through their UK branch? Or is it necessary to open an account separately in London before transferring money here?

4) Also, in the event of being unable to return to Thailand (say for health or family reasons), is the money deposited here available for easy withdrawal within the UK if I was unable to return? If so it would seem Bangkok Bank is the obvious choice for a UK citizen due to their presence in London.

Thanks.

1. with a O-A visa, there is no need to open an account in Thailand for 800,000 baht until two months before the first extension. It's possible to obtain nearly two years of "life" from an O-A visa by exiting Thailand just before expiration of the visa, re-entering and receiving a "permission to stay stamp" in your passport for 12 months. During that 12 months you will need to have a purchase a re-entry permit if you leave and and want to return to Thailand. A re-entry permit can be purchased at your local Immigration office or at the airport prior to exit. Cost is 1000 baht for single re-entry or 3800 baht for multiple re-entry.

That being said, it's still a good idea to have access to funds in a Thai bank account if you're living here, but it doesn't need to be 800,000 baht -- at least not for 2 months prior to your first application of for extension of extension of stay due to retirement, 3 months for subsequent applications. Most people call this annual application for extension of extension of stay due to retirement "renewing their retirement visa" but technically that's not what they're doing. The actual O-A visa expired one year after it was issued. After that, they're extending their permission to stay.

2. Yes, interest bearing account are commonly used for the 800,000 baht accounts.

3. No, you don't access your Bangkok Bank accounts through their UK branch. It's a commercial branch used to facilitate the ease of movement of funds between the UK and Thailand. You can get set up for internet banking with Bangkok Bank and there are options for bringing funds out of Thailand this way. You may wish to pose this question in the banking forum.

In general, Bangkok Bank is considered the best bank for retirees from the U.S. and U.K. because of their branches in those countries make it easier to move funds in and out of those countries.

[Maestro]

Regarding a poster's suggestion to open a current account, forget about it.

Be sure to ask clearly for a savings account, if you don't already have one, and subsequently for any fixed deposit account from the bank's menue that you fancy; it doesn't necessarily have to be for 12 months but can be for a shorter or longer period. Banks sometimes have a special offer at higher interest rate for a shorter or a longer period than 12 months. Just make sure that before the next application for extension is due, you have at least 800k Baht in the same account for at least three months. Complications can arise, depending on your local immigration office, when, after the expiration of a fixed term deposit, the bank opens a new book with a new account number for the new fixed term deposit. Some banks now allow a renewal of an expired fixed term deposit with the same account number and bank book at the new interest rate applicable at renewal time.

[Estrada]

They prefer to see a Time Deposit Bank book as this has only one entry. The problem with active saving accounts is that there can be multiple deposits and withdrawals, also they can be updated with consolidation so that a dip below B800,000 cannot be seen. A dip below B800,000 even for one day, 2 months before your application will result in the decline of your extension of stay. I took out a time deposit with Bangkok Bank last time for 7 months to overlap the extension and then cashed it in on maturity. Some Thai banks. including Bangkok Bank. do not want to deal with US citizens due to the paperwork forced on them by the United States, I.R.S. money laundering etc.

I came in the first time in 2010, on a 30 day permit to stay and immediately opened a B800,000 time deposit account at Bangkok Bank. I then obtained a Non-Immigrant 'O' Visa based on "Retirement" at Thai Immigration Div 1, Chaengwattana, which was immediately stamped "Used" and then I was given a 3 month permit to stay and told to come back in 60 days to check that the B800,000 was still untouched in the account. I was then given a further extension making a total of 12 months.

Edited February 10, 2016 by Estrada

[chiang mai]

Fixed rate deposits are just fine at Chiang Mai Immigration, I've been using them for years. As another poster has stated, they can be cashed in at any time but with a loss of interest.

Edited February 10, 2016 by chiang mai

[Kron]

I have been using a Bangkok Bank 12mth deposit account for some time now and only once had issue with Immigration.

This was that when updating the bank book (on the day of my application) it only showed the date interest was paid, which in my case is 3 months before I do my extension. Immigration felt I might have withdrawn money in those 3 months, despite the bank letter matching the bank book.

To overcome this I now make a small deposit on the day of my application. Bank book shows the same date as my application to Immigration.

[akentryan]

If you plan on stayiing a long time keep an eye on fixed deposit rates as sometimes there are some really good deals. My 800,000 was deposited in Krung Thai Bank in 2014 and bears 4% interest paid monthly for 5 years. Looks damned good compared to short-term rates of 1.65% or 1.8% at present. You can also file a Thai income tax return and get the 15% tax withheld refunded.

[avocadowangnamkeouw]

From several western countries, the Thai Immigration also accepts an income statement issued by your Embassy, so you don't have to put the money in a Thai bank account.

Check the website of your Embassy and look for 'Income statement for Thai Immigration' or call.

Last year there were some rumors about this didn't work no more, but last month I renewed my visa with this document without any problem.

[briley]

I can confirm that for a fixed deposit account with Bangkok bank if, at the end of the term, you do nothing they automatically open another fixed deposit with the same account number and the same bank book.

Don't know how they choose the length of the new fix - I had an 11 month fix, the first change they put it in a 3 months fix, the second time into a 4 month fix. You can not do anything about it using internet banking, seems you have to go into the branch.

Chiang Mai accepted my account even though the fixed term had ended in the middle of the 3 months and automatically moved to a new fixed term (but same book and same number).

But the comment above about interest rates - which bank gives the best rate on fixed deposits these days?

[MZurf]

Please let me know if I have this right;

I am later this year applying for my first retirement visa, which will be valid for one year. If I do an out/in just before this visa expires they give me another year's extension on that visa?

[jacko45k]

I would definitely advise the OP against opening a GBP FCD account with Bangkok Bank for 2 reasons:-

(1) Far from guarding him against exchange rate fluctuations a GBP account might, on the contrary, increase the risk of the OP finding himself short at annual extension of stay time, especially if the GBP were to fall significantly in value against the THB over the next few months, which some forecasters are anticipating in the run-up to the EU membership referendum. Much better, I think, for him to get the necessary 800,000 safely stashed away in a suitable THB account in advance of the seasoning period.

(2) Based on my brief experience of holding a GBP FCD account with Bangkok Bank several years ago, he may well be stung for significant bank charges at both ends when transferring funds from the UK. For a £1,000 SWIFT transfer to my GBP FCD account I was charged my UK bank’s standard £22 fees plus a further £35 by Bangkok Bank (of which I was unable to find any mention on their website at that time). Needless to say that prompted me to close this account PDQ, and I now rely on Bangkok Bank’s excellent facility for transferring funds from my UK account to my standard THB savings account with them here via their London branch. The maximum charge for each transfer is a flat-rate £20 levied at the London end plus 0.25% levied at the Bangkok end (up to a maximum of 500 THB), on the basis that the GBP-to-THB conversion is performed in Bangkok rather than London, as is generally considered to be preferable.

My Jersey based bank no longer makes any charge, so the total cost was the BB end 500 baht.

[ubonjoe]

Please let me know if I have this right;

I am later this year applying for my first retirement visa, which will be valid for one year. If I do an out/in just before this visa expires they give me another year's extension on that visa?

If you get OA long stay visa from an embassy or consulate in your home country you could get almost 2 years of total stay by getting a new one year entry just before the visa expires.

[louse1953]

As all Immi offices have their own pecurialities,why not go down to your local and ask.As for me,fixed deposit works fine,but they may need to see movement in another account.I always go prepared but they haven't asked me yet.

[louse1953]

Regarding a poster's suggestion to open a current account, forget about it.

Be sure to ask clearly for a savings account, if you don't already have one, and subsequently for any fixed deposit account from the bank's menue that you fancy; it doesn't necessarily have to be for 12 months but can be for a shorter or longer period. Banks sometimes have a special offer at higher interest rate for a shorter or a longer period than 12 months. Just make sure that before the next application for extension is due, you have at least 800k Baht in the same account for at least three months. Complications can arise, depending on your local immigration office, when, after the expiration of a fixed term deposit, the bank opens a new book with a new account number for the new fixed term deposit. Some banks now allow a renewal of an expired fixed term deposit with the same account number and bank book at the new interest rate applicable at renewal time.

Included in my bank letter they said it was the same money,different number.No complications.

[jamie2009]

I can never understand this ruling about the 800k in the bank, what's to stop you drawing the money out as soon as you have the required Visa and losing it on the horses ?

My colleague told me the Immigration in Bangkok allow you have the money in your home country Bank Account, not sure if he was 'winding' me up ?

[MZurf]

Please let me know if I have this right;

I am later this year applying for my first retirement visa, which will be valid for one year. If I do an out/in just before this visa expires they give me another year's extension on that visa?

If you get OA long stay visa from an embassy or consulate in your home country you could get almost 2 years of total stay by getting a new one year entry just before the visa expires.

But if I apply for and get the retirement visa in Thailand I will not be able to get a one year extension by doing an out/in just before the expiry date of the visa?

[ubonjoe]

Please let me know if I have this right;

I am later this year applying for my first retirement visa, which will be valid for one year. If I do an out/in just before this visa expires they give me another year's extension on that visa?

If you get OA long stay visa from an embassy or consulate in your home country you could get almost 2 years of total stay by getting a new one year entry just before the visa expires.

But if I apply for and get the retirement visa in Thailand I will not be able to get a one year extension by doing an out/in just before the expiry date of the visa?

No you will not. You have to apply for a new extension of stay (it is not a visa) prior to the date your existing one ends.

[hugh2121]

I would definitely advise the OP against opening a GBP FCD account with Bangkok Bank for 2 reasons:-

(1) Far from guarding him against exchange rate fluctuations a GBP account might, on the contrary, increase the risk of the OP finding himself short at annual extension of stay time, especially if the GBP were to fall significantly in value against the THB over the next few months, which some forecasters are anticipating in the run-up to the EU membership referendum. Much better, I think, for him to get the necessary 800,000 safely stashed away in a suitable THB account in advance of the seasoning period.

(2) Based on my brief experience of holding a GBP FCD account with Bangkok Bank several years ago, he may well be stung for significant bank charges at both ends when transferring funds from the UK. For a £1,000 SWIFT transfer to my GBP FCD account I was charged my UK bank’s standard £22 fees plus a further £35 by Bangkok Bank (of which I was unable to find any mention on their website at that time). Needless to say that prompted me to close this account PDQ, and I now rely on Bangkok Bank’s excellent facility for transferring funds from my UK account to my standard THB savings account with them here via their London branch. The maximum charge for each transfer is a flat-rate £20 levied at the London end plus 0.25% levied at the Bangkok end (up to a maximum of 500 THB), on the basis that the GBP-to-THB conversion is performed in Bangkok rather than London, as is generally considered to be preferable.

If you open an account with ukforex.co.uk you will get a better exchange rate than any uk bank will offer. They will convert your GBP to THB at this superior rate and transfer direct to your Bangkok Bank account at no charge whatsoever. Bangkok Bank charge their normal rate as you've stated for receiving the transfer.

[boonchu]

I use a fixed term account and have done so for many years without a problem. To keep the best interest rate you need to close the account when the promotion is finishedand start a new fixed account. You can use the old bank book with the new bank book to confirm that you have had the 800k with the bank for 3 months.

[bazza40]

Fixed rate deposits are just fine at Chiang Mai Immigration, I've been using them for years. As another poster has stated, they can be cashed in at any time but with a loss of interest.

My experience also.

[CHRISTIANa9]

My colleague told me the Immigration in Bangkok allow you have the money in your home country Bank Account, not sure if he was 'winding' me up ?

I wonder if this is allowed especially if u apply for retirement visa from home country.

[khunPer]

A number of banks can offer you a fixed-term account – tell them it's for visa-extension-deposit (or just "retirement visa") and they will normally offer you the right account.

12-month deposit is Okay, but if you wish to shop around, you can often get a slightly better interest – just remember always to start the deposit term earlier than 3 month before you visa-extension date (maturing period, only 1st time is 2-month) – many banks have a so-called "promotion", where they offer a fixed term deposit of for example 9, 11 or 15 month, at higher interest than a normal 12-month fixed account. When the term ends, the deposit automatic continue as normal 3-month fixed. At the moment the 12-month fixed deposit interest rate is around 1.50 % p.a. whilst a "promotion" can be 1.80 % p.a. or higher – some may have monthly or quarterly interest paid into a separate account, and interest rate growing quarterly, so if you dont't withdraw the money, you gain more interest keeping the deposit till the end; for example from 1.50 % p.a. rising to 2.10 % p.a. paying in average around 1.80 % p.a.

In most fixed accounts a 15% tax will be withheld, however some banks offers interest without withholding tax (presume the bank just pays the tax).

Some years back you could deposit in bonds and like, but the Immigration offices don't accept that any more (to my knowledge that counts for all) – that's speculation my kind usual Immigration officer told me, as you can loose money – so I would not gamble with foreign currency accounts or anything else than just fixed bank accounts; the gain compared to the time-and-expenses obtaining a new Non-immigrant "O" visa is not worth the dividend difference (talk from experience, as my local Immigration suddenly changed from accepting mutual-fund-bonds to bank-accounts only)...

I found it best just to keep a constant 800k baht deposit balance – if one can afford it – seamless solution, apart from I do shop around once a year for a good "promotion", which may be worth some 3k to 5k baht for a few hours "work". I "forget" the money, meaning I put the interest aside in a "rainy day account", as one day the government may rise the 800k baht deposit – last time to my knowledge from 400k to 800k – and as I plan for longevity, I may need the extra deposit-savings.

FYI about my experience, I've stayed here on Retirement Extension sinde 2006.

[mankondang]

My lawyer and my local Bangkok Bank, advised me that the 800,000 Bhat/year is in fact money that I have to live on for the year, and hence if it was in a long term investment, where regular withdrawal could not be used, then "officially" this type of savings is unacceptable (I know the old argument, that some banks still provide a letter, etc, but the operative word here is "official"), and this money should be in a regular/normal account where you can withdraw on a daily basis.

However, they also informed me that since the 800,000 Bhat only has to be in your bank account for the 3 months (90 days) prior to your renewal date, then this money could be in a 9 month term, long term savings, higher interest account, and transferred to a withdrawable savings account for the last, prementioned 3 months (90 days). Then the same process could be repeated for the following year. I have not entered into other details of someone leaving the country, etc, etc, just the "legal/official" bank savings requirement. This is what i do and is acceptabke. Hope this helps.

Edited February 10, 2016 by mankondang