Bangkok Bank caution about Visa Letter - things have changed

[NoshowJones]

8 hours ago, Linesy said:

Is having a credit card instead of a debit card worth the hassle?

No.

[Kabula]

I recommend you open a separate savings account and fund it with over 800,000 and make no withdrawals.

 

Keep in mind, with the worldwide financial retreat, falling currency prices in many countries,  the threat of hyperinflation is real and I believe they will one day have to increase the 800,000 required sum.

 

As bad luck would have it, the increase limit requirement could take place in the middle of the 3 month seasoning period.

 

• If it can happen, it generally will happen. 

[NoshowJones]

3 hours ago, paul18620 said:

Maybe the Thai Elite program would be an option for you ,save a lot of issues.

and is that worth throwing away 500.000Bt for five years and getting nothing in return?

[NoshowJones]

3 hours ago, Jeffrey346 said:

 Can't you just update the bank book and show the book to immigration. 

Thai immigration will never make anything simple if they can make it harder. It's in the genes.

[JAS21]

10 hours ago, phuketrichard said:

none of my US or THAI credit cards do i need to have a GUARANTEE amount in the bank. :-)

With Bangkok Bank, if you are retired then no matter how much money you have they will want to lock up money equivalent to your Card Limit.

 

I also have a Preferred Credit Card with CIMB and they haven't locked any money up  and I am retired. 

[bkkcanuck8]

2 hours ago, ubonjoe said:

Think of it as a line of credit based upon the money in the bank. Banks in most countries do that and also issue secured credit cards. 

They have them in Canada and the United States.  They are commonly a way for people to use that are considered too much of a credit risk and thus avoid a chicken and egg situation.  If you cannot get an unsecured credit card you get a secured credit card.  In this case the security is cash in a bank account of some sort - that is locked and may not be withdrawn.  You have another account - a credit card account that is backed by another account that provides the security (I had a secured credit card back in the day that gave me Prime + 1% interest rate and it was secured by my house -- a merger of a line of credit and credit card.... over the years the business was sold off and that option disappeared from that "institution").  

 

And to answer another question/statement.... no.... it is not a debit card since it debits no bank account..... your cash in the other account used as security is untouched unless you abrogate the credit terms.  A debit card is a card issued directly on your savings/chequing account and every time it is used it debits your balance as opposed to credits your credit account.

[smedly]

surely the simple solution would have been to cancel the CC

[bkkcanuck8]

1 minute ago, smedly said:

surely the simple solution would have been to cancel the CC

Or to get it guaranteed by another persons account 

[smedly]

2 hours ago, Kabula said:

I recommend you open a separate savings account and fund it with over 800,000 and make no withdrawals.

 

Keep in mind, with the worldwide financial retreat, falling currency prices in many countries,  the threat of hyperinflation is real and I believe they will one day have to increase the 800,000 required sum.

 

As bad luck would have it, the increase limit requirement could take place in the middle of the 3 month seasoning period.

 

• If it can happen, it generally will happen. 

there are people who have been doing this for decades and they do not need 800k, the threshold for them remains at the old rates

[pieeyed]

Smelly there is no such thing as old rates. There is 800000 baht for retirement. 400000 baht for marriage and supporting a child. You can go the elite card route. In the early 90's I had a retirement visa that cost zero baht. Those days are gone

[smedly]

9 minutes ago, pieeyed said:

Smelly there is no such thing as old rates. There is 800000 baht for retirement. 400000 baht for marriage and supporting a child. You can go the elite card route. In the early 90's I had a retirement visa that cost zero baht. Those days are gone

are you 100% certain of that, are you 100% certain that there are no people in Thailand right now who have been getting continuous retirement extensions for over 20 years and the amount they need in the bank is something like 200k (might be a bit more than 200k but it is not 800k) and I am not talking about based on marriage.

 

But hey thanks for correcting me, I bow to your superior knowledge

 

 

Edited March 24, 2017 by smedly

[bazza73]

13 hours ago, daveAustin said:

As an aside, I was always under the impression that - unless you can show other monies or have a job to support yourself - that money should be drawn down for living expenses month-by-month and then topped up ready for extension time. By not spending from it, it might suggest that you are getting money from somewhere else (such as working).

 

As another aside, it would be nice for Thailand to get into line regards all this and not have to continually show money.

I would like to see the government liberalize where an expat can hold the funds e.g. by owning shares in companies on the SET or bonds with yield. The derisory interest paid on that 800,000 is another nice little earner for the Thai banks, so I won't hold my breath.

[gk10002000]

14 hours ago, daveAustin said:

As an aside, I was always under the impression that - unless you can show other monies or have a job to support yourself - that money should be drawn down for living expenses month-by-month and then topped up ready for extension time. By not spending from it, it might suggest that you are getting money from somewhere else (such as working).

 

As another aside, it would be nice for Thailand to get into line regards all this and not have to continually show money.

yes. I have read some similar accounts lately.  Obviously if one doesn't spend it, then some other monies are being involved.  I can't get in the minds of Thai immigration.  I can imaging them liking to see the 800k as kind of a guarantee, although I doubt they could easily grab it from you.  But also obviously the cash balance on deposit method has been used by thousands for many years so Immigration has been happy with it.

[dbrenn]

21 hours ago, LannaGuy said:

Nope it's a credit card that has 200,000 as a GUARANTEE  

Why not just use a debit card? Don't they work everywhere these days? They don't need a guarantee. 

[FritsSikkink]

21 hours ago, LannaGuy said:

Nope it's a credit card that has 200,000 as a GUARANTEE  

So you can't use it for anything else

[jacko45k]

My CC guarantee money is kept in a separate FD account than my main account, but I could see how this might happen if the same one was used. It is wrong really, the full 800k is still there to cover your year, whether it is 500+300 or just 800! It is of course not even a credit card when it needs to be covered like this. If you can manage without the CC I would get rid of it. After all the ATM card can be used as a debit card and cover many instances,

[Scouse123]

21 hours ago, pieeyed said:

I have the same guaranteed wisdom credit card with Kasikorn with a 200,000 baht limit that I paid up front. For people without a work permit it is one of the only ways to get a credit card. Some years ago I used to use my USD dollar account to get my retirement extension. Chang Wattana told me that this was no longer acceptable and that I had to show 800,000 in thai baht. Also the account had to be active showing money in and out on a regular basis. You cannot just leave 800,000 baht sitting idle in your account all year.

You can and I do.

[catman20]

On 3/24/2017 at 7:19 AM, LannaGuy said:

I have been here nearly 10 years and assumed my 800,000, which I never touch, would produce the yearly letter for my retirement visa as it has always done but NO.  They changed their systems and my local branch in Chiang Mai no longer types the letter it is now automated in BKK.

 

Now the letter said 600,000. On further questioning 200,000 is my credit card guarantee and cannot be used as part of the 800,000 so i had to top up a further 200,000 to 1m.  

 

Luckily Immigration accepted this with some explanation but members might want to review how their 800,000 is made up. It was a total shock to me!

a credit card you get in Thailand is only credit that you fiance yourself.

[catman20]

 You cannot just leave 800,000 baht sitting idle in your account all year.

 

 

WHY NOT ??????????

[ubonjoe]

Some posts continuing  a off topic discussion have been removed. Time to get back on topic.

[maewang99]

1 hour ago, catman20 said:

 You cannot just leave 800,000 baht sitting idle in your account all year.

 

 

WHY NOT ??????????

some officers want to see... from the account info in front of them..... that you are not working....  that's always key.  if you are not spending from your "Big" account maybe you are up to something more than just being retired...  

 

makes sense.

Edited March 25, 2017 by maewang99

[KittenKong]

46 minutes ago, maewang99 said:

some officers want to see... from the account info in front of them..... that you are not working....  that's always key.  if you are not spending from your "Big" account maybe you are up to something more than just being retired...  

 

Or maybe you just have a foreign credit card and dont use Thai banks.

[KBsinter]

My 800.000. has been in one account for 7 yrs, with KRUNGSI BANK, had questions 

at jomtien twice ! since I moved to Bangkok I put some money in and sometimes 

take some out, downstairs, the convenience of a nearby bank GREAT........lol

[LannaGuy]

Well some interesting comments and I hope the 'warning' just alerts some who, like me, were blissfully unaware - it could have cost me my visa extension!

 

As for my CC's I only keep them as I have carefully linked them to tons of accounts (Amazon to Agoda) and to change all that fills me with dread

 

As I mentioned I am reducing to 100,000 (and even that's a chore and takes time) and I could have linked the guarantee to another account but I was unaware they linked it to my 800,000 visa savings account (which normally i never touch). My understanding is i cannot use third party account as the guarantee as suggested by one poster  and it still seems 'wrong' to me that Thais don't have this burden and are a much bigger risk than I

 

 

 

 

[LannaGuy]

21 hours ago, KittenKong said:

 

Or maybe you just have a foreign credit card and dont use Thai banks.

Can't do that as all my foreign CC's have expired as my bank will not send replacements to Thailand (security risk). I tried for 5 years to get them to do it (UK bank) but they steadfastly refused and the CC's expired but this is a whole new thread the pain of UK banks  lol

[meatboy]

23 hours ago, maewang99 said:

some officers want to see... from the account info in front of them..... that you are not working....  that's always key.  if you are not spending from your "Big" account maybe you are up to something more than just being retired...  

 

makes sense.

just show them the expences acc. [diff.book] they have asked me twice in 8yrs.

if you dont have proof  you leave yourself wide open for the GIVE ME TROOPS.

[LannaGuy]

14 minutes ago, meatboy said:

just show them the expences acc. [diff.book] they have asked me twice in 8yrs.

if you dont have proof  you leave yourself wide open for the GIVE ME TROOPS.

Yes I have two other accounts with lots traffic so it's not an issue to move in and out of the visa account but, respectfully, this thread is not about that   :)  

[mercman24]

and you keep 800,000 in a thai bank, account, untouched,   and you live here, ha ha 

[55Jay]

18 minutes ago, mercman24 said:

and you keep 800,000 in a thai bank, account, untouched,   and you live here, ha ha 

I keep 3 accounts like that in one bank.  Another 2 in a different bank for daily use.  Ha ha. 

[55Jay]

2 hours ago, LannaGuy said:

Yes I have two other accounts with lots traffic so it's not an issue to move in and out of the visa account but, respectfully, this thread is not about that   :)  

I did my annual extension a few days ago, using bank letter, same as past 3 years.  Had to return next day to drop off photos and a map to house and while the I/O was stamping and organizing those, she asked me if I could meet the monthly income test.  I paused, wondering why the seemingly random question.  Said yes, but prefer the bank letter route.  She nodded, finished up then I left.

 

The accounts I use are virtually untouched as well, mostly just a year's worth of monthly interest deposits in the book. Fair play to her I suppose, a curious person might wonder where the normal, daily life type transaction are.