Fixed term account for retirement extension

[nalmal]

Is it acceptable to Chiang Mai Immigration to have the 800,000 baht in a fixed term account?

Thanks.

[Bill97]

Yes

[KhonKaenKowboy]

yes, was for me in late 2015...had a 500 a 100 and a 200 in savings...two books, one letter.  Just make sure they don't mature during seasoning period, or that will be opening a large can of warms.  Reports fron Nonthaburi say no go, but apparently it is some dick that doesn't understand the rules.

[junglechef]

I use a 3 month term deposit

Use to have to have the money held for 3 mnths but not sure anymore, I was told 2 mnths for a Supporting Visa last time but have heard a variety of different numbers, think around 57 

[KhonKaenKowboy]

I would also have the interest paid out monthly, just to show a recent entry in the book.  The way different banks update them is a bit strange.  Mine hadn't an entry in months....it was a 13 month...but I put 500 in the savings the day of the letter to get a fresh entry in the savings book.  

 

The OP asked about 800K...we can assume it is Retirement....the seasoning is 90 days.....if you want to use 90 day fixed deposits, it is highly likely that they will mature during the seasoning...let us know how it turns out, but I sure as heck wouldn't do it.  Rates are much better on 7 month.  1.65% I believe at CIMB....but 1.50% paid month in a savings account with no taxes with held maybe a better deal.

[Bill97]

Instruct the bank to do automatic rollover then no problem with maturity in the seasoning period.

[KhonKaenKowboy]

but if you are on a promo rate, the rollover rate will be pathetic.  Rolling over 90s almost makes no sense, at all.  I doubt we will get any numbers with bank recs, as they often contradict posts, but if anyone could show me a link to a decent 90 at ANY Thai Bank, it would be amusing.

[NancyL]

Be sure it's a "fixed deposit" where you can, in fact, withdraw your money at any time, just with the loss of interest.  I know people who have bought what are basically money market certificates of a fixed term from a bank, where they absolutely can't withdraw the funds until maturity, with the maturity date beyond the date where they'll apply for their retirement visa.  They're told by the bank, "sure no problem.  We'll give you a letter for Immigration"  and that letter basically says that "yup, this guy has 800,000 in a Money Market fund and he can't touch it until this date".  That type of letter isn't acceptable to Immigration.

 

And as noted, be careful about closing one account, moving the funds and opening a new account during the 90 day seasoning period.  Even if you do it within minutes, at the same branch bank, often Immigration won't like it and may claim you didn't have the funds on deposit for 90 days, because you can't show the funds sitting undisturbed during that period.

[hakancnx]

On thing also;  The seasoning is not 90 days. It is 3 months.

 

I did that mistake last time and had to come back next day. 

[gamini]

I really can't understand anyone going to so much trouble. You would earn approximately bt2000, for the three-month period. You are able to raise  BT 800,000, so you reasonably well off . Many retirees, I'm sure, would spend more than 2000 baht on a meal for two.......ut

[KhonKaenKowboy]

Actually 3000 And that is with a regular savings account.  3600 with a 1 year FD....and it is no more difficult than any other bank transaction that one would be required to do, and certainly better than paying 2000  (more for Brits) to perjure yourself in front of a government official and then presenting a false affidavit to an Immigration Officer.    1200 a month???? Pays my electric and broadband.  But, yeah, many stick the 800 in SCB and hardly get any interest for years and years and can play the pretentious expat game that is very popular here.  But, I agree with Nancy...and said the same thing...any disruption could be problematic.

[CMBob]

20 minutes ago, gamini said:

I really can't understand anyone going to so much trouble. You would earn approximately bt2000, for the three-month period. You are able to raise  BT 800,000, so you reasonably well off . Many retirees, I'm sure, would spend more than 2000 baht on a meal for two.......ut

It's no trouble at all in my opinion, you get more than double the interest than you can get in the states, and you've got a safety net in case you ever need the funds.  Plus, it's not a huge amount....800k baht is currently about $22,800.00.

 

If you can withdraw your money at any time (which, with the so-called "fixed" Thai deposits means you'd lose accrued interest) and you can get the immigration letter (wise to ask the bank if whatever type of account you're using if it will qualify for the annual immigration letter), the account is acceptable to immigration.

[KhonKaenKowboy]

At my bank, if you withdraw early ..you still will get the standard passbook rate for any quarter it was in there...maybe .4% or so, so not a total loss.  You could even get 4 x 200000 or 8 x 100000 and you would only spoil what was needed to get out of jail...err I mean the hospital.

[nalmal]

Thanks for all your replies. I have 2 savings accounts at the Kad Suan Kaew branch of Bangkok bank. The first account has the 800,000 baht, and the other, which I have just opened will be my working account. The bank suggested that I put the 800,000 into a fixed term account - 3 months at 1%, 6 months at 1.25% or 1 year at 1.5%. It's certainly much better than the .4% I'm getting at the moment. I was told that it would be acceptable to immigration and that I could withdraw the money at any time. I'm just checking here before I make a decision.

[Kabula]

I've had the same question over 11 years.   I have utilized both the savings accounts and fixed accounts over the last 11 years without problems.

 

 I'm not sure if there is a correct answer.

 

I've been told by several Thai owners of visa runs over the years that Thai Immigration prefers to see seasoned funds in a savings count, not a fixed account.

 

 I've also read horror stories where funds were  inadvertently withdrawn from savings account by retirees, which lowered the minimum amount to qualify.   This error forced retirees to begin their retirement extension process all over again. 

 

 It would not surprise me to hear that many Thai Immigration officers have different opinions. 

 

A word of warning. I've been told by two different Thai bank Managers that with a retirement Visa, if I close out any savings or fixed account, that they would not open a new account for me without a work visa.  I'll be 70 years old in July and my question to the bank Managern was, would you hire me at that age? There was no response. 

 

This was a bit shocking for me, because I've been banking with them for over 11 years.  

 

 I was recently told by another Thai bank Manager that I could not wire money out of Thailand to my bank in my name, in the United States; unless I could prove that the same funds were wired from the United States into Thailand.  They referred the matter to their home office and after my records were examined the home office authorized staff to wire the money. 

 

 

[KhonKaenKowboy]

They told a friend that for an 18000 THB fee, they would wire 9 million back to the US...NO POMPOM. Otherwise, there is Central Bank approval needed on more than 20000 US.  But you can do 19,500 fairly easy..like next day.

 

But as far as FD at BKK BANK...basically, u can get their FD rate at Bank of Ayutthaya paid monthly  no taxes, without it being in a CD...currently 1.35 APR...pretty sure...and the branch at airport plaza is good and they will be handy, when Immigration returns to the Zoo.  Oh, and if they pizz you off, you can go to CIMB next door, and get even more interest and a free ATM that is free nationwide at all Thai banks.... privilege at  the Swamp, too.  But, they do speak bvetter English at KSK...but I like higher interest, the freebies, and of course Miss KWAN.

 

 

Edited March 4, 2017 by KhonKaenKowboy

[NancyL]

I have routinely closed accounts and opened new ones at the Kad Suan Kaew branch of Bangkok Bank with a retirement visa.  That's how you move funds to take advantage of their promotional offers, they won't simply "roll over" funds from an expiring fixed deposit account into a new fixed deposit at their best rate and let you keep the same account number.

 

The Bangkok Bank fixed accounts are accepted at Chiang Mai Immigration.  Don't know about the situation in other provinces or at Thai embassies/consulates for people who do visa runs.  Actually, I've heard that, in general, Immigration prefers fixed accounts over the savings accounts that can be accessed with ATM card, because those accounts typically have much activity and often the passbooks aren't updated regularly.  Thus, it's possible for the balance to fall below 800,000 baht during the seasoning period and the Imm. officer has no way of knowing if that's the case.

 

 

[KhonKaenKowboy]

as far as the work permit requirement.....a yellow book seems to work very well in those situations...it has a national I'd number for you....TMB  is the only one I have seen, where they couldn't grasp the concept of "employment prohibited.". Looking forward to the day when I tell a condo buyer..." Solly, no TMB mortgages"......

[habfan]

I used a fixed account passbook for 4 years for my extension based on marriage at Chiang Mai immigration. This was on the advice of an immigration officer who remarked on seeing my savings account book on my first extension "why don't you use a fixed account for the better interest". This year since I live outside of Lampang I had to do my extension at Lampang immigration which for the first time this year is now full service. The women processing extensions at the Lampang office informed  me 10 days before my extension deadline when she was checking my documents that my fixed account pass book was no good and a regular savings account book was required and regular activity shown on it to prove I was taking financial  care of my wife????? When I remarked that changing the book now a week before my extension appointment would invalidate my seasoning. She thought for second and then said.. this time OK but next extension no fixed account.  

 

 Now this was extension based on marriage not retirement but my point being I don't think anyone can give the OP a correct answer to his question. You can't know for certain that a fixed account will be accepted but you can be certain a regular account will.

[NancyL]

One time an Imm. officer asked me how it was that I had funds to live since I never touch the 800,000 baht in the fixed account.  This would be similar to be asked how you have fund to prove your were taking financial care of your wife.  My answer was that my husband's pensions are sufficient to provide for both of us and would he like to see our joint bankbook for proof of activity.  I drew it out of the folder and started to open and hand it to him and he just waved it away.    Couldn't you say that your wife doesn't need your support, or you have other income, but it's irregular so you chose the "easy path" of having the 400,000 baht bank account?

 

They just want a "good story".   

 

 

[carlyai]

5 hours ago, Bill97 said:

Instruct the bank to do automatic rollover then no problem with maturity in the seasoning period.

I'd be careful with any roll over in the seasoning period, as I found out.

 

The normal bank guy we have always seem for our letter was on holidays. Evidently he writes a letter that says the money has been in the banking system, and it is an automatic roll over.

 

As I said, he was on holidays, and the new girl (he told me this after, when he returned) didn't know the proceedure. Her letter was an unknown quantity to me.

So when I tried to do my retirement extension, They wouldn't accept it as the roll over had occurred in the seasoning period, so they saw it as two different bank accounts.

 

I then had to run around all over Thailand and do the married visa route.

 

5 hours ago, Bill97 said:

Instruct the bank to do automatic rollover then no problem with maturity in the seasoning period.

 

[KhonKaenKowboy]

Many of the Thais may not be familiar with FD and know that they are guaranteed more than the Thai Government Bonds.  What % of American adults own a CD?  5% max.....and per capita GDP is 10 X Thailand...they may be the root of the trouble.  In Nonthaburi, they just asked to see the Supervisor and it was OK.....I will go over peoples heads in CM and call their head offices in BKK.....but would really avoid doing it with a government  officer......

[bazza73]

4 hours ago, NancyL said:

Be sure it's a "fixed deposit" where you can, in fact, withdraw your money at any time, just with the loss of interest.  I know people who have bought what are basically money market certificates of a fixed term from a bank, where they absolutely can't withdraw the funds until maturity, with the maturity date beyond the date where they'll apply for their retirement visa.  They're told by the bank, "sure no problem.  We'll give you a letter for Immigration"  and that letter basically says that "yup, this guy has 800,000 in a Money Market fund and he can't touch it until this date".  That type of letter isn't acceptable to Immigration.

 

And as noted, be careful about closing one account, moving the funds and opening a new account during the 90 day seasoning period.  Even if you do it within minutes, at the same branch bank, often Immigration won't like it and may claim you didn't have the funds on deposit for 90 days, because you can't show the funds sitting undisturbed during that period.

I am not sure this is correct advice. I have had term deposits with Bangkok Bank for the 800,000 baht for six years now, and sometimes the maturity date encroaches on the three month window. I've never had a problem, bank gives me a letter saying ( I think ) I am a continuing depositor. As I employ an agent to do the extensions for me, perhaps that is also a factor.

[carlyai]

I am not sure this is correct advice. I have had term deposits with Bangkok Bank for the 800,000 baht for six years now, and sometimes the maturity date encroaches on the three month window. I've never had a problem, bank gives me a letter saying ( I think ) I am a continuing depositor. As I employ an agent to do the extensions for me, perhaps that is also a factor.

Same with me, until the person I delt with at the bank went on holidays. The new person didn't write the correct letter. Make sure your agent is the same person.

Sent from my SM-J700F using Tapatalk

[KhonKaenKowboy]

Yep, I have heard of people with agents still having trouble because of the dotted Is and crossed Ts or lack   thereof  in the letter.  Make darn sure every account number is on the letter.  

[Dumbastheycome]

A  "fixed term " account is  fine so long  as whatever the term is if  not renewed by choice rolls into  the  nominal rate  at least. What is  more important is that the funds in the  account  are  available for immediate withdrawal even at the  loss of   any current  applicable annual interest. That plus that at  anytime during the  3 month period  preceding  an extension that the  account  number  remains the same. i  have seen a  refusal of extension because  funds  which never  left the   bank  were given a new  account  number for   renewed investment  term during that 3  months   so  were deemed  to be  new funds invested  for less  than 3 months !. 

My Bank  Account  Manager  knows  very well  now  that I  wish to  retain the  same  account  number for  my  required  deposit and if  dealing with him  it is never in question. 

However if attempting the same   outcome  with   Tellers or  more   junior  staff they  will insist a  "new term"  requires  a  new  account  and  number.

 Incorrect  but  explainable for and  by the  fact  a  "new" account probably  attracts a personal bonus for facilitating  it . 

[cyberfarang]

5 hours ago, NancyL said:

One time an Imm. officer asked me how it was that I had funds to live since I never touch the 800,000 baht in the fixed account.  This would be similar to be asked how you have fund to prove your were taking financial care of your wife.  My answer was that my husband's pensions are sufficient to provide for both of us and would he like to see our joint bankbook for proof of activity.  I drew it out of the folder and started to open and hand it to him and he just waved it away.    Couldn't you say that your wife doesn't need your support, or you have other income, but it's irregular so you chose the "easy path" of having the 400,000 baht bank account?

 

They just want a "good story".   

 

 

I have a 4 year fixed account with a Thai government bank and never touch that money, it`s my permanent savings nest egg. After the 4 years is up I transfer the funds into either a 3 year fixed account or another 4 year fix account according to what is available. I also have a Bangkok Bank account for my transfers of money from England and my living expenses in Thailand. When I go for my retirement extension I have always and still do only show my lump sum 4 year fixed account. Never have immigration asked me how I conduct my living expenses here.

Edited March 4, 2017 by cyberfarang

[jacko45k]

16 hours ago, Bill97 said:

Instruct the bank to do automatic rollover then no problem with maturity in the seasoning period.

They often do this automatically but into a 3 month FD at a lower interest rate.

[Scottie12]

Chiang Mai may be different but Bangkok (Chaeng Wattana) insist on a savings account.

[pumpuy]

Better be careful , they do how they feel in CM  : fixed income fund book = refused , 800.000 in bank account my name and wife's = refused .

I had to have 800.000 me alone in SAVING account 3 month prior to my visit at immigration , if not = guess what ...