Fixed term account for retirement extension

[CMBob]

54 minutes ago, pumpuy said:

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 ...

Whether they "do how they feel" at times wouldn't surprise me on some issues; however, with respect to the issue you raise, there is large sign on the outside of the Immigration office that reads:

 

"Savings deposit or Fixed deposit must show only one name*But if you show joint account not less than 1600000 Baht!"  (the quotes are mine)

[janpharma]

About 6 years ago I tried to back up my request for a retirment visa with a "fixed deposit" account...It was refused.

[CMBob]

30 minutes ago, janpharma said:

About 6 years ago I tried to back up my request for a retirment visa with a "fixed deposit" account...It was refused.

If it was a "fixed account" that allowed you to withdraw your money from that account and you had the proper bank letter, then the Immigration officer screwed up; however, if it was a truly "fixed" account where you couldn't get your money out until the end of the term, the officer properly refused it.

 

[cyberfarang]

10 hours ago, pumpuy said:

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 ...

And so? That`s always been the rule, you need to show that you have 800000 baht in your own right and if it`s a joint account it means double the amount balance.

 

And something else some may not realise; if you show an account with almost exactly 800000 baht balance, paid in almost exactly 3 months before your application, immigration may get a bit touchy about it.

[habfan]

On March 4, 2560 BE at 6:50 PM, 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".   

 

 

 Oh I  started to explain to her that this account is never used it's just to adhere to the extension requirements and we have several joint accounts in different Thai banks as well as a Canadian bank that we can use for our daily expenses but it only succeeded in making her agitated. Her ruling was no fixed accounts and that was final.

[KhonKaenKowboy]

You could have told her how it is done in Chiang Mai, just to really piss her off.

[NancyL]

10 hours ago, habfan said:

 Oh I  started to explain to her that this account is never used it's just to adhere to the extension requirements and we have several joint accounts in different Thai banks as well as a Canadian bank that we can use for our daily expenses but it only succeeded in making her agitated. Her ruling was no fixed accounts and that was final.

Did smile you, stay calm and pull out the several joint passbooks ?  In other words, did you counter her agitation with your jaiyen?

 

(as an aside  -- I"m mystified by the TV posters who think that I've somehow upset CM Imm. by my actions simply by being rude.  That has never happened.  I've always remained calm,  smiling and pleasant, and never engaged anyone directly when I've gone out early to observe the morning queing process)   

[Dante99]

Mystified, come on.  You have been repeatedly rude to them here for years.

[colinneil]

14 minutes ago, Dante99 said:

Mystified, come on.  You have been repeatedly rude to them here for years.

Naughty boy Nancy is never rude, lovely lady.

Speaking straight and direct can sometimes by misconstrued as rude by some people.

[colinneil]

Regarding fixed term accounts, i keep 80%  of the 800.000 in a fixed term and the remainder in a savings account.

Never had a problem about that.

[jobin]

Luv our fav poster, NancyL, but curious y she needs cash in the bank when she, and hubby, probably, can avoid that, coz as USA folks, they can simply pay up the US$50 and get the simple Affidavit of Income from USA Consulate?

Me, the same and i'd never keep big sums in local bank, unless my life situation changed dramatically. I transfer $$$ cash from my USA bank whenever i plz.

[Dante99]

delete

 

Edited March 8, 2017 by Dante99

[Dante99]

edit: post will not enter, comes up empty

Edited March 8, 2017 by Dante99

[NancyL]

2 hours ago, jobin said:

Luv our fav poster, NancyL, but curious y she needs cash in the bank when she, and hubby, probably, can avoid that, coz as USA folks, they can simply pay up the US$50 and get the simple Affidavit of Income from USA Consulate?

Me, the same and i'd never keep big sums in local bank, unless my life situation changed dramatically. I transfer $$$ cash from my USA bank whenever i plz.

Hubby uses the Affidavit from the Consulate, because, (as I said) his pension income is more than adequate to support both of us.  However, since I am younger than Hubby, I have not yet started my pensions and do not have an income in my own name.  (I'm a kept woman!)  So, we deposited 800,000 of my retirement savings into Bangkok Bank to justify my retirement visa.  The lying about your income on the Affadavit from the U.S. Consulate carries consequences.  If you don't believe me, just ask Martha Stewart.  She did time simply for lying to a federal official.

 

[KhonKaenKowboy]

I have thought that the bogus letters would be the next shoe to drop...but it hasn't.  I think it does carry more risks of increased scrutiny than the lump sum, maybe more so for those barely 50, or the numerous untidy.  It would be hard to believe that a guy smelling like he sleeps in an elephant cage could have a 65k pension...but they even pave the streets with gold and everyone has an unlimited ATM card so anything is possible.

[mamborobert]

31 minutes ago, KhonKaenKowboy said:

I have thought that the bogus letters would be the next shoe to drop...but it hasn't.  I think it does carry more risks of increased scrutiny than the lump sum, maybe more so for those barely 50, or the numerous untidy.  It would be hard to believe that a guy smelling like he sleeps in an elephant cage could have a 65k pension...but they even pave the streets with gold and everyone has an unlimited ATM card so anything is possible.

There is another thread now where the embassy require documentary evidence of income before witnessing the Stat Dec, similar to a few other embassies.

 

I use the Stat Dec method as I have the documentary evidence and keeping 800k in a Thai Bank account doing little does not make a lot of sense to me, even on interest rates I can get better in my home country.

 

II would think that the "next shoe to drop" would be in two areas, mandatory minimum health insurance, and an increase in income or bank balance requirements that have not changed for eons.

 

Of course that will be after the ten year visa no doubt 

Edited March 8, 2017 by mamborobert

[KhonKaenKowboy]

It would be quite easy for them to simply adopt the same insurance requirements as the Shengen nations.....the big insurers already tailor policies for it, and you can print declaration letters right off your account.  Maybe that would leave them out of the money part of it as the foreign companies tend to offer much higher coverage.  Stickman says maybe the age will rise from 50, but it seems like capping the age would make more sense.  Something tells me Nancy spends a lot more time helping the 70 and 80+ crowd than the young retirees.

[luther]

1 hour ago, mamborobert said:

There is another thread now where the embassy require documentary evidence of income before witnessing the Stat Dec, similar to a few other embassies.

 

I use the Stat Dec method as I have the documentary evidence and keeping 800k in a Thai Bank account doing little does not make a lot of sense to me, even on interest rates I can get better in my home country.

 

II would think that the "next shoe to drop" would be in two areas, mandatory minimum health insurance, and an increase in income or bank balance requirements that have not changed for eons.

 

Of course that will be after the ten year visa no doubt 

If you plan to be here for a good while and have a decent amount of cash putting 800,000 baht in a Thai bank is not a bad way to go.

 

1-year average fixed rate Thailand

800,000 baht x 1.025 = 820,000 baht (571 $ gain)

1-year average fixed rate USA

800,000 x 1.0025 = 802,000 baht (57 $ gain)

 

If the Thai government chooses to change the rules for retirement visa extensions, requiring a minimum amount of health insurance would be perfectly reasonable.

 

[KhonKaenKowboy]

Well you do not get 2.5% here...but 1.8% would be good...and you can easily get close to 1 in the US...on a 1 year and over 3 for 12 years+.... but historically, rates have been good here, and it is a decent way to stay diversified...on certain days, it will be your best investment.  I'll  bet a lot of Brits wished they had brought over 800k a year ago, let alone 10 years ago.....the Euro going below 1 USD is looking like a sure thing too, even according g to their own experts.  I don't think the cost of those letters will go down, that is almost guaranteed.

Edited March 8, 2017 by KhonKaenKowboy

[mamborobert]

Am blessed to be an Oz now.  Money I have in Term Deposits in Oz is now at 2.75% pa government guarranteed.  Also have self funded through ETF's that with franking credits consistently have been bringing between 7 and 12% pa.  Plus I have a rather generous pension,  Am diversified more than enough and certainly no plans to leave at present after 8 odd years here in CM.  For the moment even allowing for exchange rate fluctuations I have been way in front of parking 800k here.  Given opportunities and stability and guarrantees in Oz it just seems rather wasteful to park money here.  But again that is just me.

 

We digress a bit but having health insurance as a requirement should be a given, likewise even a modest increase in financial requirements, and even a penal (police clearance) certificate....I would not mind if they made getting visas more stringent or consistent and maybe even an ID card BUT ONLY IF they equally got ride of the silly stuff  like 90 day reporting, TM30s updating, need for Residency Cert to do certain things.  But snowballs chance in hell at the moment and forseeable future.  

[luther]

1 hour ago, mamborobert said:

Am blessed to be an Oz now.  Money I have in Term Deposits in Oz is now at 2.75% pa government guarranteed.  Also have self funded through ETF's that with franking credits consistently have been bringing between 7 and 12% pa.  Plus I have a rather generous pension,  Am diversified more than enough and certainly no plans to leave at present after 8 odd years here in CM.  For the moment even allowing for exchange rate fluctuations I have been way in front of parking 800k here.  Given opportunities and stability and guarrantees in Oz it just seems rather wasteful to park money here.  But again that is just me.

 

We digress a bit but having health insurance as a requirement should be a given, likewise even a modest increase in financial requirements, and even a penal (police clearance) certificate....I would not mind if they made getting visas more stringent or consistent and maybe even an ID card BUT ONLY IF they equally got ride of the silly stuff  like 90 day reporting, TM30s updating, need for Residency Cert to do certain things.  But snowballs chance in hell at the moment and forseeable future.  

I moved a bunch of money to Singapore about 10 years ago. It was a good move. SD/USD went from 160/100 to 120/100 while it was there, but you are just playing the currency markets. The bank guy talked me into putting about 20% of it in to NZD. Bad move.

 

My wife and I are off to NZ at the end of the month. We were there 10 years ago, when, according to Oanada the NZD/USD ration was the same as it is now. Would love to read a long article about the inflation there.

 

If you are sure you are here for the long term 10 years +, 800,000 seems like a smart move.

[Rimkok]

I am with Bangkok Bank. Can I use the account linked to my credit card?

If so I intend to increase the credit limit to 800k and just leave it there.

[KhonKaenKowboy]

Be more specific.  Account is linked for payment or as collateral.?...is is just a debit card?  What type of account is it, and why is it linked to begin with.  

[Rimkok]

4 hours ago, KhonKaenKowboy said:

Be more specific.  Account is linked for payment or as collateral.?...is is just a debit card?  What type of account is it, and why is it linked to begin with.  

It is linked for collateral. It is a separate account. When I use the credit card the money is taken out of another account. This account is used to guarantee payment. I have a separate book with it.

[KhonKaenKowboy]

Sounds like the Hard Way Club has been meeting again.  Why not just get a Visa debit good at any ATM in LOS, with 1 million in the bank, and there is no need for collateral or linking of accounts?

[Rimkok]

1 hour ago, KhonKaenKowboy said:

Sounds like the Hard Way Club has been meeting again.  Why not just get a Visa debit good at any ATM in LOS, with 1 million in the bank, and there is no need for collateral or linking of accounts?

Already got one of them as well.